1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nata [24]
2 years ago
9

On december 31, 2014, extreme fitness has adjusted balances of $940,000 in accounts receivable and $83,000 in allowance for doub

tful accounts. on january 2, 2015, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $24,000. assume that on february 2, 2015, extreme fitness received a payment of $1,900 from one of the customers whose balance had been written off. prepare the journal entries to record this transaction. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
Business
1 answer:
BaLLatris [955]2 years ago
8 0
To record the write-off of receivables:

Allowance for doubtful accounts ----------------------------$24,000
            Accounts Receivable -----------------------------------------------$24,000

To record the accounts receivable collected from the written-off receivable, first restore the accounts receivable with the following entry:

Accounts Receivable ------------------------------------------$1,900
           Allowance for doubtful accounts ------------------------------$1,900

To record the collection of accounts receivable:

Cash -----------------------------------------------------------------$1,900
           Accounts Receivable ----------------------------------------------$1,900

Or, the direct journal entry to record the collection of previously written-off accounts receivable is: 

Cash ---------------------------------------------------------------$1,900
          Allowance for doubtful accounts ------------------------------$1,900
You might be interested in
Cash equivalents:______.
Rina8888 [55]

Answer:

C. Are readily converted to a known cash amount.

Explanation:

Highly liquid short term assets are those which are ready available for conversion into cash. These are also called Liquid assets. Highly liquid investment are made for short term investment interest revenues.

6 0
3 years ago
leaders in the industrialized world see booming populations in the least industrialized nations as a threat to: a= the continued
docker41 [41]
The right answer for the question that is being asked and shown above is that: "a= the continued expansion of their own nations." Leaders in the industrialized world see booming populations in the least industrialized nations as a threat to the continued expansion of their own <span>nations</span>
8 0
3 years ago
Read 2 more answers
For many years you have been using your local, small-town bank. One day you hear that the bank is about to be purchased by Bank
kari74 [83]

Answer:

If I was banking with my local town bank and it happens that Bank of Africa purchases it, there are cost and benefits associated with the merge. First, Bank of America is global, meaning that I will be able to access the Services such as ATM services at different points. Second, due to its area of coverage, the services are cheaper compared to the ones I got when it was in my local town. However, due to the monopoly of the bank, they might increase the charges making them more expensive than when the services in the local village. Additionally, it will be a challenge for average customers, such as farmers, to access big banks unless faithful people accompany them.

Explanation:

7 0
3 years ago
On January 1, $5,000,000, 10-year, 10% bonds were issued at $5,200,000. Interest is paid annually each January 1. The straight-l
Mnenie [13.5K]

Answer:

$20,000 premium is amortized at the end of the first year.

Explanation:

Straight line amortization:

premium amortized = Premium / number of years

                                 = ($5,200,000 - $5,000,000) / 10 years

                                 = $200,000 premium / 10 years

                                 = $20,000

Therefore, $20,000 premium is amortized at the end of the first year.

3 0
3 years ago
Coronado Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures w
lubasha [3.4K]

Answer:

Coronado Industries

The weighted-average accumulated expenditures are:

= $8,388,333.

Explanation:

a) Data and Calculations:

Amount borrowed on June 1 = $3,170,000

Interest rate = 13%

Outstanding 11% 3-year note payable = $6,350,000

Outstanding 12% 4-year note payable = $12,350,000

Date               Expenditure      Weight     Weighted-Average

                                                                       Expenditure

March 1          $6,370,000         10/12                $5,308,333

June 1            $5,280,000          7/12                  3,080,000

December 31 $8,650,000         0/12                    0

Weighted-average accumulated expenditure $8,388,333

7 0
3 years ago
Other questions:
  • Another view of leadership focuses on a continuum of behavior ranging from a type of leadership with a formal hierarchy and powe
    12·1 answer
  • While walking along the river, Joshua thought of a brilliant idea for getting into the yacht business. Which idea-getieruur
    14·1 answer
  • When you drive above 5,000 feet, there is substantially less oxygen available and you can become _________ very quickly?
    12·1 answer
  • A school realizes that they need a new copy machine for their main office. The copy machine costs $5,500. After speaking with th
    14·1 answer
  • Under the fair labor standards act, eligible employees may take up to twelve weeks of leave within a twelve-month period to care
    14·1 answer
  • Suppose that this year a small country has a GDP of $100 billion. Also assume that Ig = $30 billion, C = $60 billion, and Xn = –
    7·1 answer
  • Stoneheart Group is expected to pay a dividend of $3.17 next year. The company's dividend growth rate is expected to be 3.9 perc
    6·1 answer
  • Your coworker needs to communicate with the cleaning crew that there is no need for them to come in during the holiday break. He
    13·1 answer
  • A large city zoo provides jobs for over 370 full-time employees and about 600 seasonal workers. The zoo consists of traditional
    7·1 answer
  • The basis of strategic position through serving few needs of many customers is known as:_____.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!