Answer:
(During write-off) March 11
Dr Bad debt expense $9,100
Cr Accounts receivable $9,100
(at the time of collection) March 29
Dr Accounts receivable $9,100
Cr Bad debts expense $9,100
Dr Cash $9,100
Cr Accounts receivable $9,100
Explanation:
On March 11, Dexter made an entry to write-off bad debts in the amount of $9,100. Dexter Co., charged it directly to Accounts receivable because the company uses direct write-off method. During the collection we have 2 steps to consider; First, On March 29 during the unexpected collection, Dexter shoud set up the reversal of the write-off entry which they had made last March 11. So we debit Accounts receivable and credit bad debts in the amount of $9,100. Second, is to record the collection, debit cash and credit Accounts receivable in the amount of $9,100.
Briar Co. disposed of a $6,000 piece of equipment on December 31 with $4,500 in accrued depreciation as of that date. Then $1,500 will be debited from the Loss on Equipment Disposal account.
<h3>What is loss on Equipment Disposal account?</h3>
Gain/Loss on Asset Disposal is a common account name of the Equipment Disposal account.
The net difference between the initial asset cost and any cumulative depreciation (if any) is debited to the disposal account, while the balances in the fixed asset account and the accumulated depreciation are reversed.
On December 31, the debited amount is calculated as:
Therefore, $1,500 will be the amount of loss on disposal of the Equipment.
Learn more about the depreciation, refer to:
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Answer:
a
Explanation:
i dont knowis correct that
Answer:
See below
Explanation:
The cash balance as at the end of December 31 2020 is the net cash provided by operating activities, less net cash used by investing activities plus net cash provided by financing activities plus the beginning cash balance as at January 1, 2020
Net cash provided by operating activities = $569,000
Net cash used by investing activities = $988,000
Net cash provided by financing activities = $595,000
Beginning cash balance = $331,000
Closing cash balance = $569,000 - $988,000 + $595,000 + $331,000
Closing cash balance = $507,000
Answer:
These costs should be reported on the income statement in the profit and loss section under selling and administrative expenses. Any liability arising from the employment benefits should be shown in the balance sheet under liabilities.
Explanation:
