Answer:
b. Has unlimited liability for its partners.
Explanation:
Both partnerships and sole proprietorships are very common forms of business, are relatively easy to create, and they are both pass through entities, but they also have a commons disadvantage: their owners are personally for the business' obligations. That means taht if things go wrong, their owners will have to use their other personal assets to covers for any liabilities.
Answer:
depreciation expense 525
accumulated depreciation equipment 525
to record depreciation from jan 1st to March 31th
loss on dispossal 1,575
acc depreciation equipment 27,525
equipment 29,100
to record loss on dispossal of equipment
Explanation:
January 1st to march 31th = 3 months
months per year = 12
annual depreciation x 3/12 = partial depreciation
2,100 x 3/12 = 525
equipment 29,100
acc depreciation
27,000 + 525 = (27,525)
book value 1,575
salvage 0
loss (1,575)
Answer:
Transaction a
Debit : Account Receivable $27,500
Credit : Sales Revenue $27,500
Transaction b
Debit : Cash $5,875
Credit : Deferred Revenue $5,875
Transaction c
Debit : Sales Revenue $1,500
Credit : Account Receivable $1,500
Transaction d
Debit : Deferred Revenue $5,875
Credit : Sales Revenue $5,525
Credit : Discount received $350
Explanation:
The journals have been prepared above.
Answer:
Debit Bad debt expenses with 17,280; and Credit Allowance for Doubtful Accounts also with $17,280.
Explanation:
Bad expenses = ($284,000 × 7%) - $2,600 = $17,280
The adjusting will be as follows:
<u>Details Dr ($) Cr ($) </u>
Bad debt expenses 17,280
Allowance for Doubtful Accounts 17,280
<u><em>To record the amount estimated to be uncollectible </em></u>
Answer:
$372.59
Explanation:
The amount deducted is 19% of $1,961
=19/100 x $1961
=0.19 x $1961
=$372.59
Amount deducted is $372.59