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den301095 [7]
2 years ago
10

Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $ 1,730,200 $

1,380,920 Allowance for Doubtful Accounts (96,000 ) (79,900 ) Accounts Receivable, Net $ 1,634,200 $ 1,301,020 Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019?
Business
1 answer:
Mazyrski [523]2 years ago
4 0

Answer:

The amount of Bad Debt Expense reported in 2019 was $16,100.

Explanation:

Our concern is mainly on the allowance for doubtful accounts. Based on the facts given in the question, the opening balance of the allowance account was $79,900 credit balance, while the closing balance was $96,000 credit. Since there were no write-offs or recoveries during 2019, the bad debt expense is simply the difference between the closing balance and the opening balance i.e, $96,000 - $79,900 = $16,100.

The journal entries will be:

Debit Bad debt expense                                           $16,100

Credit Allowance for doubtful account                    $16,100

<em>(To record the bad debt expense for 2019)  </em>

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Answer and Explanation:

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Khalid has just found out that his friend Jason is terminally ill.This has made him feel sad and lonely at the thought of living
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As the difference among computer manufacturers in the areas of price and performance narrows, support for green computing is eme
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3 0
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In a closed​ economy, the values for​ GDP, consumption​ spending, investment​ spending, transfer​ payments, and taxes are as​ fo
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Answer: Option (C) is correct.

Explanation:

National Savings is divided into two parts, private savings and public savings.

Private Savings = GDP - Taxes + Transfer payments - Consumption Spending

                         = Y - T + TR - C

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Public Savings  = Taxes - Government Spending - Transfer payments

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∴ Option (C) is correct.  

Private saving = ​$2 trillion and public saving = ​$1 trillion.

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3 years ago
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