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Sedaia [141]
3 years ago
13

Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2

,800 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is:
Business
1 answer:
Natali5045456 [20]3 years ago
6 0

Answer:

Journal Entry

May 3

Dr. Allowance for doubtful accounts   $2,800

Cr. Account Receivable                        $2,800

Explanation:

When a receivable of the business is considered to be non-collectible from a customer, it is written off from the accounts. This event will decrease the account receivable balance and allowance for the doubtful accounts too. a Debit entry in the Allowance for doubtful account and a credit entry in accounts receivable is made to incorporate the effect of this transaction.

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Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the acc
PIT_PIT [208]

Answer:

Mar 17.

6150 Bad Debt Expense  $1.000 - Debit

1010 CASH Operating Account $275 - Debit

                 1290 A/REC Allowance for Uncollectible Accounts  $1.000 - Credit

                 1220 A/REC Trade Notes Receivable $275 - Credit

Jul 29.

1290 A/REC Allowance for Uncollectible Accounts  $1.000 - Debit

1010 CASH Operating Account $1.000 - Debit

                        6150 Bad Debt Expense  $1.000 - Credit

                        1220 A/REC Trade Notes Receivable $1.000 - Credit

Explanation:

7 0
3 years ago
An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 h
Anettt [7]

Answer:

a. Gross pay = $1,320

b. Net pay = $917

Explanation:

a. Determine the gross pay for the week. $ If applicable, round your final answer to two decimal places.

Pay for 40 hours = 40 * $24 = $960

Pay for excess of 50 hours = (50 - 40) * $24 * 1.5 = $360

Gross pay = $960 + $360 = $1,320

b. Determine the net pay for the week.

Net pay = $1,320 - ($1,320 * 6.0%) - ($1,320 * 1.5%) - $304 = $917.

3 0
3 years ago
A firm producing good y recently increased monthly production from​ 1,500 units to​ 2,000 units. this had no impact on the marke
solmaris [256]
The following that most strongly implied by this information is that at the current level of production, the firm is making a profit of $3000. Jake and Mathew will most likely agree on The firm should increase production from the current level. Mathew is assuming​ that no new firms enter the market in the short run.
6 0
3 years ago
Goals and objectives should be set ________.Multiple Choiceat the beginning of marketing planningat the end of the situation ana
storchak [24]

Answer:

Option D. After completion of market research, situation analysis, and competitor analysis

Explanation:

The reason is that the company always sets objectives and goals when it analyzes the business environment, the way competitor would react, product demand, etc and all these things come from market research, situation analysis, competitor analysis, position analysis, capability analysis, etc. This gives a clear picture where the organization must head towards. So after completion of these analysis and research, company is able to set goals.

Always remember that the company sets its goals before marketing planning (Option A) and after situation analysis (Option B) because it helps define what number of sales we need which formulates the marketing planning.

Option C is incorrect because strategies are set after the objectives and goals are set because the strategies are always alligned with the objectives and goals.

Option E is incorrect because Goals and Objectives are set always after the SWOT and PESTLE analysis not during these studies.

Here the only only option with broader meaning is option D which also includes the Option A and Option B.

3 0
3 years ago
Debbie promises to sell Brian a one of a kind baseball card for $1,000. Brian says that he does not have the money right now, bu
const2013 [10]

Answer:

d. Yes, the offeror must be a merchant, pursuant to the UCC definition of merchant.

Explanation:

The Uniform Commercial Code (UCC) establishes that firm offers can only be made by merchants. They also apply only to the sale of goods, but the baseball card is a type of good.

The problem is that Debbie is not probably a merchant. In order for her to be considered a merchant, she would need to be in the business of buying and selling baseball cards on a regular basis.

3 0
3 years ago
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