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3 years ago

Closing entries are

Business

1 answer:

Nostrana [21]3 years ago

3 0

Answer: C) journalized in the general journal.

Explanation: Closing entries are the journal entry that is done in the accounting field in manual manner.The entry is done to move the temporary accounts into the permanent accounts. They are made at the completion of the accounting time in general journal .

Other options are incorrect because it is a necessary task to do in accounting field. It is not shifted from ledger account towards worksheet and it doesn't end the real account.Thus, the correct option is option(C).

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Marin Corp. factors $441,000 of accounts receivable with Headland Finance Corporation on a without recourse basis on July 1, 202

Kaylis [27]

Answer:

Debit Cash for $406,602; Debit Finance charge for $7,938; Debit Loss on sale of receivables for 26,460; and Credit Accounts receivable for $441,000.

Explanation:

Before preparing the journal entry, the following calculations are made firs:

Finance charge = Percentage of finance charge * Accounts receivable = 1.80% * $441,000 = $7,938

Loss on sale of receivables = Percentage retained * Accounts receivable = 6% * $441,000 = $26,460

Cash = Accounts receivable - Finance charge - Loss on sale of receivables = $441,000 - $7,938 - $26,460 = $406,602

The journal entry will now look as follows:

Date Details Debit ($) Credit ($)

01 Jul '20 Cash 406,602

Finance charge 7,938

Loss on sale of receivables 26,460

Accounts receivable 441,000

(To record factoring of accounts receivable.)

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3 years ago

When the allowance method is used for bad debts, the entry to write off an individual account known to be uncollectible involves

Evgen [1.6K]

Answer:

debit to the Allowance account.

Explanation:

GAAP is an acronym for Generally Accepted Accounting Principles, it comprises of the accounting standard, procedures and principles used by public institutions in the United States of America. The U.S GAAP is issued by the Financial Accounting Standards Board (FASB) and adopted by the U.S. Securities and Exchange Commission (SEC).

IFRS is an acronym for International Financial Reporting Standards, it comprises of a set of accounting standards or rules issued by the International Accounting Standards Board (IASB). The International Financial Reporting Standards ensures that statement of income, when reported by accountants is consistent, transparent and comparable globally.

According to the Generally Accepted Accounting Principles (GAAP), when the allowance method is used for bad debts, the entry to write off an individual account known to be uncollectible involves a debit to the allowance account.

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sergeinik [125]

Answer:

The answer to this question is B. It can modify its Web site according to the foreign countries' cultures.

Explanation:

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For organisations to succeed in a foreign market, it is required to deal with large society and cultural differences that is practiced in that country.

social - cultural factor is one of the external factors that can influence a business decision from without in the environment in which it operates.

The social cultural factors which includes belief, norms and customs of the people in that environment are what the business should adhere to in other to succeed in such country.

Therefore, modifying its web site according to the foreign country's culture is a step to achieve what has been explained above.

Hence the answer to this question is B It can modify its Web site according to the foreign countries' cultures.

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TEA [102]

Answer:

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