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
Sati [7]
3 years ago
7

The balance sheet of Indigo Company at December 31, 2019, includes the following. Notes receivable $54,600 Accounts receivable 1

91,700 Less: Allowance for doubtful accounts 26,300 $220,000 Transactions in 2020 include the following. 1. Accounts receivable of $147,000 were collected including accounts of $64,400 on which 2% sales discounts were allowed. 2. $5,620 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $26,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $26,900. This estimate is based on an analysis of aged accounts receivable.
Business
1 answer:
Alchen [17]3 years ago
8 0

Answer:

Prepare the journal entries for above accounts

Explanation:

1. Cash   Dr.147,000

   Sales Discount Dr.1,314

   A/R                                   Cr.148,314    

2. Account  Receivable     Dr.5,620

    Disallowance for Bad debts        Cr.5,620

3.  Allowance for Doubtful Accounts  Dr.26,900

    Account Receivable                        Cr.26,900

4.  Bad Debts Expense    Dr.26,900

    Allowance for Doubtful Accounts   Cr.26,900

             

You might be interested in
What steps can a government take to support free enterprise?
Wewaii [24]
Encouraging private ownership, protecting and encouraging competition, enforcing contracts, and keeping business cost low.
8 0
3 years ago
The yield to maturity on 1-year zero-coupon bonds is currently 6.5%; the YTM on 2-year zeros is 7.5%. The Treasury plans to issu
alex41 [277]

Answer:

1. PV = 101.87

2. YTM = 7.46%

3. Price of the bond  is $100.92

Explanation:

PV = 8.5/ (1.065) + 108.5/ (1.075)2

PV = 7.981 + 93.889

PV = 101.87

Part B:

PV = 101.870

FV = 100

N = 2

PMT = 8.5

Using Financial Calculator:

r = 7.459237

YTM = 7.46%

Part C:

The forward rate for next year, derived from the zero-coupon yield curve, is approximately:

(1 + forward Rate) = (1 + 0.075)2/ (1.065)

forward rate = 8.51%

Price of the bond = 108.5/ (1.0851)

Price of the bond = 100

Part D:

Interest Rate = 8.51% - 1% = 7.51%

Price of the bond = 108.5/ (1.0751)

Price of the bond = 100.92

5 0
3 years ago
1. By what percent has the U.S. prison population increased in the last three decades
andrezito [222]

790 % i believe is the correct answer

3 0
3 years ago
Read 2 more answers
Money Matters Help
Vinil7 [7]

Explanation:

A Step by Step Guide Through the Rental Application Process

Fill out a rental application. Let's start with the basics: the apartment application itself. ...

Pay the apartment application fee. ...

Expect credit and background checks. ...

Prove you can pay rent. ...

Figure out if you need a co-signer. ...

Show them that you are an agreeable renter. ...

Have good personal references. ...

Sign the lease.

brainliest and follow and thanks

7 0
3 years ago
Considering the Consequences of choice is part of which of the following steps of the financial planning process?
Lana71 [14]

Answer:

I believe it is <u>evaluating alternatives</u>

When considering the consequences, you must be open to a broad choice of alternatives in order to find the best solution.

6 0
3 years ago
Other questions:
  • PRO FORMA INCOME STATEMENT Austin Grocers recently reported the following 2016 income statement (in millions of dollars): Sales
    5·1 answer
  • Shelly is looking at the life insurance policies listed in the table below. Which insurance company provides the most coverage p
    7·1 answer
  • Rio Coffee Shoppe sells two coffee drinks, a regular coffee and a latte. The two drinks have the following prices and cost chara
    8·1 answer
  • If one of the parties to a contract is forced to agree out of fear of harm, then genuineness of assent has not been achieved. Th
    11·2 answers
  • Robert invested $4,000 five years ago at 4 percent interest. He takes out all his interest earnings and spends them immediately.
    13·1 answer
  • A perfectly inelastic supply curve means that … a) a shift in demand will cause the quantity supplied to increase to infinity. b
    8·1 answer
  • Workers may be able to accomplish their tasks in an autonomous fashion, but the products of their efforts must be coordinated in
    7·1 answer
  • Which of these forms should you use to file your tax return?
    15·1 answer
  • Question 7 of 10
    11·1 answer
  • How did the REM system affect Otis Elevator's value chain?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!