Answer:
I didn't mean to tap on this
Explanation:
I don't know the answer
Answer:
Net dollar sales projection for this year = 516,971.00
Explanation:
<em>Projected sales volume </em>
130%× 4,600= 5,980units
<em>Project selling price</em>
=140% × $65
= $91
<em>Total sales value </em>
= $91 × 5980units
= $ 544,180.00
<em>Net dollar sales projection</em>
= Total sales value - Returned merchandise
= 544,180.00 - (5% × 544,180.00 )
= $ 516,971.00
Net dollar sales projection for this year = 516,971.00
The Answer is D. It would not affect gross income. Gross income is the total amount of income you gain before expenses are taken away.
Using the allowance method, is bad debt expense recognized in the period in which sales related to the uncollectible account are made.
One of the most typical types of bad debt is credit card debt. Lenders issue credit cards, which let you make purchases on credit. These credit cards frequently have exorbitant interest rates that can soon become out of control.
Bad debt costs are typically listed on the income statement as a sales and general administrative expenditure. Accounts receivable on the balance sheet are reduced when bad debts are recognized, but firms still have the right to collect money if the situation changes.
Learn more about bad debts here
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Answer:
A. Reversals entry
1. Dr Cash 900
Cr Equipment 900
Correct entry
Dr Wages and salaries 900
Cr Cash 900
B.
2. Dr Cash 5850
Dr Service revenue 650
Cr Account payable $6,500
3. Dr Accounts payable 360
Cr Equipment 360
Explanation:
A. To Correct the errors by reversing the incorrect entry and Preparation of the correct entry.
Reversals entry
1. Dr Cash 900
Cr Equipment 900
Correct entry
Dr Wages and salaries 900
Cr Cash 900
B. To Correct the errors without reversing the incorrect entry
2. Dr Cash 5850
($6500-650)
Dr Service revenue 650
Cr Account payable $6,500
3. Dr Accounts payable 360
(510-150)
Cr Equipment 360
