In the given case the accounts were previously written off by debiting the Allowance for doubtful debts accounts now in order to revive these accounts receivable, we should Debit the Accounts Receivable and credit the Allowance for doubtful debts accounts. Hence the account to be credited is Allowance for doubtful debts accounts.
Hence the answer shall be Allowance for doubtful debts accounts
As a member of the Federal Reserve Board, in an inflationary situation I would suggest a change in the federal funds rate that would be accomplished by raising the base interest rate of the US economy. This would make bonds more attractive and people would stop consuming to invest in public debt securities. In addition, raising interest rates would discourage credit, causing banks to lend less. Since inflation is a monetary phenomenon caused by the excess of currency in circulation, these measures would have a downward effect on inflation, as they reduce the amount of money in circulation in the economy.
Answer:
Stakeholder participation,
Explanation:
That help a lot in different things like it give support from different ways
Also about the money sharing well help more to get more money
so yah I think that so
Answer:
The correct answer that fills the gap is <em>d. before.</em>
Explanation:
Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.
The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.
The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.
The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:
- Cumulative income not collected.
- Customer advances.
Answer:
Dr. Cr.
Sales, $56,000
Income Summary $56,000
<u> </u>
Dr. Cr.
Income Summary $52,500
Sales Returns and Allowances $3,000
Sales Discounts, $1,500
Depreciation Expense, $25,000
Salaries Expense, $23,000
<u> </u>
Explanation:
Cash, Equipment, Accumulated Depreciation, Accounts Payable, Owner Capital and Owner Withdrawals are all permanent accounts. These accounts will not close and do not need any closing entry.
