Which of the following is not a game?

Exercise 5-66 Bad Debt Expense: Percentage of Credit Sales Method Gilmore Electronics had the following data for a recent year:

Stels [109]

Answer: Debit Bad debt expense $11,264, Credit Allowance for bad debt $11,264; Debit Allowance for bad debt $9,650, Credit Accounts receivable $9,650.

Explanation: Percentage of credit sales method means bad debt expense expressed as a percentage of sales.

The estimated bad debts rate is 2.2%, which translates to 2.2% of $512,000 (credit sales) = $11,264. The firm has to record this, being the estimated bad debts rate, as Debit to bad debt expense and Credit to allowance for bad debt. However, accounts receivable that was deemed uncollectible is $9,650. This amount would be taken out from the buffer in allowance account by debiting allowance for bad debt and crediting accounts receivable.

5 0

3 years ago

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34,

adoni [48]

Answer:

Jan. 22

Dr Cash $7,140,000

Cr Common Stock $6,300,000

Cr Paid in capital in excess of par $840,000

Feb. 27

Dr Cash $180,000

Cr Preferred Stock $135,000

Cr Paid-In Capital in Excess of Par-Preferred $45,000

Explanation:

Preparation of the entries for January 22 and February 27.

Jan. 22

Dr Cash $7,140,000

(210,000*$34)

Cr Common Stock $6,300,000

(210,000*$30)

Cr Paid in capital in excess of par $840,000

($7,140,000-$6,300,000)

Feb. 27

Dr Cash $180,000

(15,000*$12)

Cr Preferred Stock $135,000

(15,000*$9)

Cr Paid-In Capital in Excess of Par-Preferred $45,000

($180,000-$135,000)

7 0

3 years ago

Which is a typical job role/career in business information management?

Crank

D. project manager
Explanation:
All of these are potential options for business information management graduates. However, perhaps the most important one is that of project manager. Project management is closely related to business information management. People in this career are able to understand how to use technology to gather data that can help them desing better projects. They are also skilled at transforming this data ito meaningful information. With this information, they are also able to analyze and propose strategies that benefit their companies and projects.

4 0

2 years ago

Help help pelsss I need to pass thanks I’ll give points for honestly

hammer [34]

What is the scenario? You need that in order to answer.

5 0

2 years ago

Lotoya Davis Corporation has 10 million shares o common stock issued and outstanding. On June 1, the board of directors voted an

Viktor [21]

Answer:

June 1st:

Retained Earnings (Dr.) $8,000,000

Dividends Payable (Cr.) $8,000,000

June 30th

Dividends Payable (Dr.) $8,000,000

Cash (Cr.) $8,000,000

These entries will remain same even in the case of liquidating dividend.

Explanation:

On June 1st the dividend is declared so the journal entry will be

Retained Earnings (Dr.) $8,000,000

Dividends Payable (Cr.) $8,000,000

There will be no journal entry on June 14th.

On June 30th the dividend is paid:

Dividends Payable (Dr.) $8,000,000

Cash (Cr.) $8,000,000

The entry would not have differed if it was a liquidating dividend.

5 0

3 years ago