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alex41 [277]
3 years ago
10

A company has​ $321,000 in credit sales. the company uses the allowance method to account for uncollectible accounts. the allowa

nce for doubtful accounts now has an​ $8,150 debit balance. if the company estimates​ 5% of credit sales will be​ uncollectible, what will be the amount of the journal entry to record estimated uncollectible​ accounts?
Business
1 answer:
Mkey [24]3 years ago
6 0
321,000×0.05=16,050

Adjusted balance
16,050+8,150=24200

Journal entry
Bad debt expenses (Dr 16050)
Allowance for doubtful accounts (Cr 16050)
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Lubov Fominskaja [6]

Answer:

Option (d) , Bank 4 offers the highest amount after a year

Explanation:

The total amount from each of the interest rates can be expressed as;

A=P(1+r/n)^nt

where;

A=Future value of investment

P=Initial value of investment

r=Annual interest rate

n=Number of times the interest is compounded annually

t=number of years of the investment

a). Bank 1

P=x

r=6.1%=6.1/100=0.061

n=1

t=assume number of years=1

replacing;

A=x(1+0.061/1)^(1×1)

A=x(1.061)

A=1.061 x

b). Bank 2

P=x

r=6%=6/100=0.06

n=12

t=1

Replacing;

A=x(1+0.06/12)^(12×1)

A=x(1.005)^12

A=1.0617 x

c). Bank 3

P=x

r=6%=6/100=0.06

n=1

t=1

Replacing;

A=x(1+0.06/1)^(1)

A=1.0600 x

d). Bank 4

P=x

r=6%=6/100=0.06

n=4

t=1

A=x(1+0.06/4)^(4×1)

A=x(1+0.015)^4

A=x(1.061)

A=1.0614 x

e). Bank 5

P=x

r=6%=6/100=0.06

n=365

t=1

A=x(1+0.06/365)^(365×1)

A=1.0618

Option (d) , Bank 4 offers the highest amount after a year

7 0
3 years ago
Havermill Co. establishes a $330 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
slavikrds [6]

Answer: a) Debit to Office Supplies for $81.

Explanation:

Office Supplies of $81 were used in the month of September. When replenishing the fund, this asset will be accounted for by being debited and cash will be credited to reflect the reason the cash account is being reduced.

The Journal entry for the replenishment will be;

DR Office supplies Account ......................................$81  

DR Merchandise inventory Account ........................$153  

DR Misc. expense Account........................................ $30  

CR Cash account ......................................................................$264

5 0
4 years ago
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yaroslaw [1]

Answer:

Targeting.

Explanation:

In marketing, Targeting refers to dividing your whole market into specific groups, and focus all your marketing effort to the group that is most likely would find your product relevant and appealing.

In the example above, we now that NOVA only markets its plastic chemical products to food and electronics industry because these industries have a lot more application for NOVA's product compared to other industries.

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3 years ago
It is important that the implementation planning section of a systems proposal report adress
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It is crucial and vital that the implementation of the planning section of a systems proposal report address: training, communication, and support of the system.

<h3>What is the planning section of a system?</h3>

The planning section of a system is an integral part of action planning. The Head of the Planning Section conducts briefing sessions, offers crucial advice on targets, and predicts future requirements.

The Planning Section is a member of the leadership team in charge of setting incident objectives and strategies for the specified operating period.

Therefore, we can conclude that it is crucial and vital that the implementation of the planning section of a systems proposal report address: training, communication, and support of the system.

Learn more about the Planning section here:

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When the vestibule delivery system is used, where does it typically take place?
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Answer: C - outside of the production area.

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