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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

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A Chinese company exchanges yuan (Chinese currency) for dollars. It uses these dollars to purchase scrap metal from a U.S. compa
DanielleElmas [232]

Answer:

d. decrease, and U.S. net capital outflow increases.

Explanation:

Yuan is the currency of the country China and the currency of United States of America is dollar. Every country in the world does imports of some goods to meet the demands of the country and exports some items to the other countries that is produced in abundance in the parent country. In this way, countries earn huge capital by doing importing and exporting.

In the context, China will buy scrap metal from United States, thus China is importing a good from U.S. So China will have more of import. Hence China net export will decrease. While U.S. is selling goods to China in exchange of dollar and earning capital. So, net capital outflow of the United States will increase.

7 0
3 years ago
A project's duration can be reduced by: Shortening the duration of critical path tasks. Adding tasks to the critical path. Compl
lions [1.4K]

Answer:

Shortening the duration of critical path tasks.

Explanation:

The critical path method is relevant for achieving effective project management. By visualizing the project's activities, it is possible to analyze the time needed to complete the tasks and avoid possible delays. The possibility of calculating the duration of completion time, the longest or the shortest, for each activity, also helps in reducing uncertainties, as it helps in reducing the unexpected surprises that may occur in the project.

This method also guarantees the advantage of helping to reduce project time by the possibility of visualizing which tasks can be reduced, as the method generates a greater understanding of the project's deadline as a whole, allowing a clearer view on which tasks can be changed and which should remain unchanged.

8 0
3 years ago
Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the cur
posledela

Answer:

1. a. Days of Personal Use:

= Days stayed personally + Days rented at a discount + Days rented to family

= 19 + 14 + 11 + 12

= 56 days

b. Days of rental use:

= Days rented to third parties at full rate + Days taken for repairs and maintenance

= 72 + 2

= 74 days

2. Deductible tax amount:

= Real property taxes to state government + Property taxes on land held as investment

= 2,700 + 1,430

= $4,130

<em>The Johnsens may not deduct the amount paid for the assessment for the sidewalks as they are considered local benefits much like streets and these are not tax deductible. </em>

7 0
3 years ago
PLS HELP NOW THIS IS VERY IMPORTANT TO ME
aivan3 [116]

Answer: I would go with either the product support engineer or the audio technician

Explanation:

7 0
3 years ago
Read 2 more answers
Acquisition of Land and Building
Leokris [45]

Answer: The total cost of land will be $110,00 while the total cost of building will be $675,000.

Explanation:

The total cost of land will be $110,00 while the total cost of building will be $675,000. Total cost of land is gotten by ($100,000 + $8,000 + $4,000 - $2,000) = $110,000

Total cost of building is gotten by adding $25,000 + $650,000 = $675,000.

Further explanation has been attached

7 0
3 years ago
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