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leonid [27]
3 years ago
12

Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $5,800. On September 9, the custom

er unexpectedly pays the $5,800 balance. Record the cash collection on September 9.
Business
1 answer:
Gwar [14]3 years ago
5 0

Answer and Explanation:

According to the given situation, the Journal entry is shown below:-

On September 9

Account receivable Dr $5,800

       To Allowance for doubtful debts $5,800

(Being written off amount is recorded)

Here we debited the account receivable as it increased the assets and credited the allowance as it decreased the assets

On September 9

Cash Dr, $5,800

         To Accounts receivable $5,800

(Being cash collection is recorded)

Here we debited the cash as it increased the assets and we credited the accounts receivable as it decreased the assets

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From 1970 to 1998 the U.S. dollar a. gained value compared to the German mark because inflation was higher in the U.S. b. gained
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Answer:

lost value compared to the German mark because inflation was lower in Germany

Explanation:

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6. Explain how liabilities of an LLC (taxed as a partnership) or an S corporation affect the amount of tax losses from the entit
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Answer:

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3 years ago
As the manager of High Speed Records, you have signed a new artist to the label. There are three different outcomes for investin
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Answer:

0.2 or 20%

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Outcome 3: Probability = 0.40, Return = 0.10.

The expected return will be computed as follows.

Expected Return = (P_{1} *R_{1})  + (P_{2} *R_{2}) + (P_{3} *R_{3})

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