The allowance for doubtful accounts credited, instead of accounts receivable when recording the adjusting entry for bad debts Because accounts receivable is made up of numerous client accounts, it cannot be credited unless it is known which particular customer will not pay.
The provision for questionable accounts is referred to as a "counter asset" since it reduces the value of an asset, in this example, the accounts receivable. The compensation, often known as a doubtful account, is management's projection of the amount of accounts receivable that customers will not pay. Let's assume, using the aforementioned example, that on June 30 a business reports an accounts receivable debit balance of $1,000,000. The business predicts that $50,000 will not be converted into cash and expects some consumers won't be able to pay the full amount.
learn more about doubtful account visit brainly.com/question/28944789
#SPJ4
Answer:
Cost of goods sold =$226
Explanation:
<em>Under the First in First Out (FIFO) method of the perpetual inventory system, it assumed that the first batch of inventory received into the store should be issued out first. Therefore, inventories are valued using the price of the oldest batch in turn according to when the batches arrive.</em>
The 19 units of units sold in August 6 would be valued as follows:
17 units at $12 per units = 204
2 units at $11 per unit = 22
Cost of goods sold = 204 + 22 = $226
Cost of goods sold =$226
Answer and Explanation:
The computation of the account payable balance is given below:
Account Payable balance on month end is
= 13,000 + 400 + 7500 + 200 - 7500 - 12000
= $1,600
Hence, the account payable balance is $1,600
The same is to be reflected on the debit side of account payable T account
The same is to be considered
Any sort of funds used In financing a firm is recorded in the Financing activities while the loans cash will be recorded in the Financing activities of the statement of cash flows as well.
<h3>What is the
Financing activities of cash flows?</h3>
This part of cash flows record the financing activities such as raising money through lending or issuing a bond as well as paying back to the investors.
Therefore, both transactions will be recorded in the financing activities of cash flows.
Read more about financing activities
<em>brainly.com/question/14441404</em>
#SPJ1
The impact of Jordan making this mistake is an extra Credit charges that will be impose on the Cash withdrawn.
Simply put, a Credit Card are offered to people by banks for purpose of making purchases or cash advances and requires them to pay back the loan amount in the future.
However, a Debit Card is quite different because it is issued by banks to an account-holder or facilitate easy withdrawal from his/her account through the ATM or at any Point of Sales.
Now, Jordan can use his Credit Card as well but he will be required to pay back the amount he withdrew with an extra Credit charges.
Therefore, in conclusion, the impact of Jordan making this mistake is an extra Credit charges that will be impose on the Cash withdrawn.
Read more about these Card here
<em>brainly.com/question/3380340</em>
