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3 years ago

What is the adjusting entry required if Allenson Brick Company prepares financial statements on June 30?

Business

1 answer:

lara31 [8.8K]3 years ago

6 0

Answer:

a. Interest Expense 6,000 Interest Payable 6,000

Explanation:

Adjusting entries are accounting journal entries that convert a company's accounting records to show when the money changed hands and to convert your real-time entries to entries that reflect your accrual accounting system.

In Allenson Brick Company, the accrued expenses entry is made to record interest expense in the year that has not been paid yet by the entry:

Interest Expense 6,000

Interest Payable 6,000

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Answer:

The correct answer is letter "B": philanthropy.

Explanation:

Philanthropy is described as the set of uninterested actions people take to help others. Those others are usually individuals in need who are not receiving any help from governmental institutions. Even if philanthropy is related to the act of providing money, it is not that simple. People dedicating their time volunteering to help others without receiving nothing in return are also philanthropists.

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3 years ago

What type of trend is caused by changes in characteristics of a population

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3 years ago

Eastman Company had a $400 credit balance in Allowance for Doubtful Accounts at December 31, 2012, before the current year's pro

Reptile [31]

Answer: Please see explanation column

Explanation:

Uncollectible amount = Amount x percentage of the uncollectible amount

$170,000 x 1% ) + (15,000 x 3% ) + ( 12,000 x 6% ) + (5,000 x 12% ) + (9,000 x 30%) = 1700+450+720+600+2700= $6,170

Credit Balance from Eastman = $400

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Journal to record adjusting entry on December 31, 2012 for recognized bad debts expense.

a) Accounts Titles & Explanation Debit Credit

Bad Debt Expense $5, 770

Allowance for Doubtful Accounts $5,770

b Allowance for Doubtful Accounts account= $400 debit balance before the current year's provision for uncollectible accounts.

Adjustment required = $6170 +$400 (debit) = $6,570

Accounts Titles & Explanation Debit Credit

Bad Debt Expense $6,570

Allowance for Doubtful Accounts $6,570

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4 years ago

Identify whether each statement in the following table best illustrates the concept of consumers’ surplus, producers’ surplus, o

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Answer:

1. Neither ; 2. Consumer Surplus ; 3. Producer Surplus

Explanation:

Consumer Surplus is the difference between a good's price paid by consumer, & maximum price the consumer is willing to pay for the good.

Producer Surplus is the difference between a good's price received by a seller, & minimum price at which the seller is willing to sell the good.

1. Willing to pay $209 for watch, buyer willing to sell at $196, no trade as price ceiling at $190 : It illustrates neither concept as transaction has not actually occurred, so no price established.

2. Willing to pay $39 for sweater, purchased it for $32 : It illustrates 'Consumer Surplus' case = $7 , as it shows difference between maximum willingness to pay by buyer ($39) & the actual buy price ($32)

3. Willing to sell laptop at $190, sold it at $199 : It illustrates 'Producer Surplus' case = $9 , as it shows difference between minimum willingness to sell price ($190) & actual sale price ($199)

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4 years ago