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katovenus [111]
3 years ago
6

At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. Chan records its

Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.
Prepare the journal entries for these transactions.
View transaction list
Journal entry worksheet
1 2 3 4
Record the estimated bad debts expense.
Note: Enter debits before credits
Date General Journal Debit Credit
Dec 31
Record entry
Clear entry
View general journal
Business
1 answer:
Mademuasel [1]3 years ago
7 0

Answer:

Journal entries below

Explanation:

Dec 31, Bad debts expense a/c Dr $4,875

To Allowance for doubtful a/c Cr $4,875

(To record bad debt expense)

Feb 1, Allowance for doubtful a/c Dr $580

To Accounts receivable - P. Park a/c Cr $580

(To record allowance for doubtful a/c)

June 5, Accounts receivable -P. Park Dr $580

To Allowance for doubtful a/c Cr $580

(To record bad debt written off)

June 5, Cash a/c Dr $580

To Accounts receivable - P. Park a/c Cr $580

(To record cash paid).

• Chen write off the receivable from balance sheet using the percentage of sales method of receivable of ($975,000 × 0.5%) = $4,875.

• Also on February 1, Chen writes off P.Park from receivable of $580 since he knew he will not pay but did pay on June 5 for $580; meaning that Chen reinstate the receivable afterwards collected cash from receivable.

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Crank

Answer: OPTION D

Explanation: Sustainable development means consuming natural resources in such a way that the needs of today gets fulfilled without hindering the needs of future generations .

A. Consuming more capital today will result in more depletion of natural resources that are limited in amount thus there would be no sustainable development.

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3 years ago
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We can use different parts of a landscape to represent different stages of its evolution this strategy is called trading location for <u>time</u>

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When we discuss business evolution, we're talking about adapting to market dynamics, client demand, and evolving technologies to assure relevance and advancement.

According to Paul Salnikow, who makes this argument, "We have seen the rise of shifts in business habits, with global travel, The emergence of the internet, and really global communication. People now view marketplaces on a regional or even global level rather than as a country or city, and in order to reach their markets, they relocate.

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3 0
1 year ago
For each situation, prepare the appropriate journal entry for the redemption of the bonds.
Arada [10]

Answer and Explanation:

The journal entries are given below:

On Apr. 30

Bonds payable $124,000  

Loss on redemption of bonds( bal fig)   $18,228  

          Discount on Bonds payable($124,000 - $111,972) $12,028

          Cash ($124,000 × 1.05) 1,30,200

(Being redemption of bonds at 105 is recorded)  

On Jun. 30

Bonds payable $162,000

Premium on Bonds payable($174,960 - $162,000) $12,960  

          Gain on redemption of bonds ( bal fig) $14,580

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3 years ago
Bonds that hold two adjacent nucleotides together are called __________________ bonds.
Murrr4er [49]

Bonds that hold two adjacent nucleotides together are called "phosphodiester bond."

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The phosphodiester bonds are created as a result of a condensation reaction between two sugar groups' phosphate and hydroxyl groups.

Some key features regarding the phosphodiester bond are-

  • The hydroxyl group is a like-group formed by bonding of one oxygen atom and a hydrogen atom.
  • The carbon that the hydroxyl group would be attached is represented by the "-."
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7 0
1 year ago
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Y_Kistochka [10]

Answer:

b) Conveys the right of occupancy to another

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