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
Alex73 [517]
3 years ago
11

Manning Company uses the allowance method. At the end of its first year of operations, the company estimates that it will not co

llect $2,500 of its accounts receivable. Prepare the appropriate adjusting journal entry to establish the estimate for uncollectible accounts.At the end of each period, the company estimates the necessary balance in the allowance for uncollectible accounts and then records whatever adjustment to the allowance and corresponding bad debt expense is necessary to reach that balance.
Business
1 answer:
allochka39001 [22]3 years ago
5 0

Answer:

Explanation:

The adjusting entry is shown below:

Bad debt expense A/c Dr $2,500

       To Allowance for doubtful debts $2,500

(Being adjusting entry is recorded)

For passing the adjusting entry we have to debit the bad debt expense and credit the allowance for doubtful debts. As bad debt is an expense so we debited it and the allowance for doubtful debts is a contra asset so we credited it

You might be interested in
At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000.
olchik [2.2K]

Answer:

The answer is: Equity at the end of the year will be $123,000

Explanation:

At the beginning of the year the balance sheet was as following:

assets $195,000                   liabilities $75,000

                                              equity $ 120,000

Then during the year the income statement is:

  • total revenues $226,000
  • <u>total expenses $175,000  </u>
  • net income       $ 51,000 (this increases assets and equity)

If the owners withdrew $48,000, then cash and equity will decrease.

The ending balance for the year:

assets $195,000 + $51,000          liabilities $75,000

           -$48,000 =                         equity $120,000 + $51,000 - $48,000 =

           $198,000                                       $123,000

5 0
3 years ago
HELP PLZZZ NEED THIS FAST
Helen [10]
My head hurts reading this...
6 0
3 years ago
Read 2 more answers
Question 10 of 10: you've been meaning to fix those rotted boards on your porch for years. finally, last week the deck gave way.
yulyashka [42]

you've been meaning to fix those rotted boards on your porch for years. finally, last week the deck gave way. No, you will not be able to recover the cost of replacement. This is further explained below.

<h3>What is the cost?</h3>

Generally, the cost; In order to get or carry out (something), one must first spend (a certain quantity of money).

In conclusion, You've been looking at the rotten planks on your porch for years and know you need to do something about it. The deck ultimately collapsed last week. The cost of replacement cannot be recouped, unfortunately.

Read more about the cost

brainly.com/question/14094934

#SPJ1

5 0
2 years ago
On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. a.
Musya8 [376]

Answer:

a.

Debit Accounts Receivable $1,500

Credit Sales $1,500

b.

Debit Cash $1,500

Credit Accounts Receivable $1,500

Explanation:

On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account.

Pixer's books records the sale by the entry:

Debit Accounts Receivable $1,500

Credit Sales $1,500

On June 21, Jasmine Co. pays for this merchandise. Pixer's books records the receipt of payment by the entry:

Debit Cash $1,500

Credit Accounts Receivable $1,500

7 0
3 years ago
Peter Lynchpin wants to sell you an investment contract that pays equal $22,500 amounts at the end of each of the next 20 years.
Effectus [21]

Answer:

The amount to be paid for the contract today = $220,908.32

Explanation:

<em>The amount to be paid for the contract today will be equal to the present value of the annuity of $22,500 payable for 20 years discounted at a rate of 8% per annum.</em>

Present Value = A ×( 1 - (1+r)^(-n))/r

A- 22,500, r- rate of return - 8%, n -no of years 20 years

PV = 22,500 ×( 1-(1.08)^(-20) )/ 0.08

PV = 22,500 ×9.8181

PV = $220,908.32

The amount to be paid for the contract today = $220,908.32

7 0
3 years ago
Other questions:
  • Of the 4,092 pedestrian fatalities nationwide in 2009, __________ were Floridians. A. 2% B. 11% C. 19% D. 22%
    9·1 answer
  • Bond price volatility varies directly with the term to maturity and directly with the coupon. Group of answer choices True False
    7·1 answer
  • Solve the dilemma making infinity computers competitive what is a major weakness of the firm?
    7·1 answer
  • Perdue found that one of its chicken products may have been contaminated with bacteria, so it pulled it off the shelves and inst
    7·1 answer
  • The June 1 work in process inventory consisted of 4,100 units with $14,700 in materials cost and $12,300 in conversion cost. The
    12·1 answer
  • Identify whether the group of words is a sentence or a fragment.
    7·1 answer
  • PLEASE HELP ASAP 10 min left
    7·1 answer
  • Your attitude, existing relationships, professional role, education, skills and training, and philanthropic efforts all contribu
    9·1 answer
  • All of the following costs should be charged against revenue in the period in which costs are incurred except for costs from idl
    11·1 answer
  • Which of the following statements regarding coins is not true?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!