Answer:
28 January
Dr Allowance for doubtfull debts 4,800
Cr Account Receivables 4,800
(to record write-off of Account Receivables)
30 January
Dr Cash 11,000
Dr Account Receivables 132,000
Cr Sales 143,000
(to record sales revenues)
Dr Cost of Good Sold 79,500
Cr Inventories 79,500
(to record the cost of good sold of $143,000 sales revenue)
31 January
Dr Salary Expenses 52,000
Cr Cash 52,000
(to record the cash payment of salary expenses)
Explanation:
Explanations are given in each entry.
Answer:
Private property and protection of property rights are important because it helps the economy deal with the issue of resource scarcity by ensuring its use is controlled through ownership. The private owner of a resource is expected to act in their self-interest to develop products
Answer:
Jane's total cost is $60,000.
Explanation:
This is because of the phenomenon called Opportunity Cost.
Simply put, opportunity cost is the cost of the next best alternative use of resources when a choice is made at the detriment of another.
We can also define it by saying, Opportunity Cost is the forgone alternative.
So we know she spent $50,000 to start her business, but would have made 10% of $100,000 which is $10,000 which is the opportunity cost, she has incurred a total cost of $60,000.
Answer:
$20,000
Explanation:
Calculation for what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense
Using this formula
Balance in the allowance for doubtful accounts=
(Outstanding Accounts Receivable
* Percentage uncollectible)- Eebit balance of in the allowance for uncollectible accounts.
Let plug in the formula
Balance in the allowance for doubtful accounts=($500,000*8%)-$20,000
Balance in the allowance for doubtful accounts=$40,000-$20,000
Balance in the allowance for doubtful accounts=$20,000
Therefore the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense is $20,000
Answer:
Business process
Explanation:
Business processis defined as a set of related and structured activities by people that involves a specific sequence that is aimed at producing a product or service.
For Ecole receiving orders, processing invoices, shipping products, and setting a marketing budget.
Business processes are fine tuned over time to increase efficiency and productivity.
Business processes are standardised per business and they make them unique to give a competitive advantage.
