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nikklg [1K]

Current market conditions

3 0

4 years ago

At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubt

olasank [31]

Answer and Explanation:

The journal entries are shown below:

a. Account receivable Dr $864,300

To Sales revenue $864,300

(Being the sales revenue is recorded)

Cash Dr $687,610

To Account receivable $687,610

(Being the collections is recorded)

2. Allowance for doubtful debts $6,804

To Account receivable $6,804

(Being the written off amount is recorded)

3. Account receivable Dr $3,219

To Allowance for doubtful debts $3,219

(Being the previous written off amount is recorded)

Cash Dr $3,219

To Account receivable $3,219

(Being the recovery is recorded)

4. Bad debt expense $18,075

To Allowance for doubtful debts $18,075

(Being the bad debt expense is recorded)

The computation is shown below:

= $24,000 - $9,510 + $6,804 - $3,219

= $18,075

Only these entries are recorded

3 0

3 years ago

On october 1, goodwell company rented warehouse space to a tenant for $2,500 per month and received $12,500 for five months' ren

Nina [5.8K]

Goodwell will recognize 3 months (Oct 1 - Dec 31) of rent revenue earned, and will reduce (debit) the unearned rent revenue for those 3 months.
2,500 x 3 months = 7,500

Journal Entry, Dec 31:
Unearned Rent Revenue: 7,500
Rent Revenue: 7,500

The new Unearned Rent Revenue Account balance will be:
12,500 - 7,500 = 5,000

4 0

3 years ago

Swifty Company took a physical inventory on December 31 and determined that goods costing $203,600 were on hand. Not included in

Bezzdna [24]

Answer:

Inventory= $251,540

Explanation:

Giving the following information:

Swifty Company took a physical inventory on December 31 and determined that goods costing $203,600 were on hand. Not included in the physical count were $25,420 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $22,520 of goods sold to Alvarez Company for $32,230, f.o.b. destination.

Both the purchase and the sale must be accounted for in inventory. The purchase is FOB shipping point, therefore it is responsibility os Swifty. The sale was made FOB destination, as it is in transit, it is the responsibility of Swifty.

Inventory= 203,600 + 25,420 + 22,520= $251,540

3 0

3 years ago

Christie has just started with a travel agency. and she has been offering clientsand prospective clients a range of packaged tou

Marta_Voda [28]

<u>Full question:</u>

Christie has just started with a travel agency. and she has been offering clients and prospective clients a range of packaged tours. She is concerned. because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter. who has been with the agency for several years, is having a great deal of success by working closely with the clients. seeking their ideas. and building customized tour packages for each one based on their suggestions.Peter's approach is based on A. transaction-oriented marketing.B. premium C. Vlaue Cocreation D.sales-oriented marketing.

Peter's approach is based on value cocreation.

<h3><u>Explanation:</u></h3>

Value co creation is one of the strategies used in the business. It is a business strategy that helps in creation and promotion of the involvement of the customers actively in creation of on demand and made to order products. By using this strategy they will get the exact product they are in need and they can also involve in understanding how those products are formed.

In the example given, The colleague of Christie, Peter is being working closely with the clients and he offers the services by asking the customer's ideas and their suggestions. Thus the approach followed by Peter is value cocreation.

6 0

3 years ago