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
What is the difference between a savings account and a certificate of deposit?
Alecsey [184]
A savings account you can redraw from, while a certificate of deposite has to be left alone for a certain while, and it ussually gains more interest.
6 0
3 years ago
When there is less money in
Drupady [299]

Answer:

the correct answer is

D all of the above

8 0
2 years ago
Match each of the following contract principles to the statement that best fits it: A. bargained-for exchange of value to the pa
AnnZ [28]

Answer:D.both parties to the contract agree on the contract terms

A.bargained-for exchange of value to the parties

C.parties' negotiated understanding of terms and intent that lead to the contract

B. the subject matter of the contract does not violate law or public policy

Explanation:D A C B 1.consideration

D A C B 2.mutal Acceptance

D A C B 3. Legality

D A C B 4. Agreement

8 0
2 years ago
In one of the case studies in the textbook, Ernie Phillips was a CPA who had fallen on hard times both financially and personall
olga_2 [115]

Answer:

The fraud was discovered Option D: The operations manager found a check made payable to Phillips while searching Phillips' desk for some accounting records.

Explanation:

In the given case study, Ernie Phillips had got a job as a 'controller'. He had started writing checks to himself other than the payroll checks.

This fraud can be discovered when the operations manager found a check on Phillips desk which was payable to himself and it was other than the payroll check. Thus, Option D is the statement as an answer.

Cancelled checks do not have to do anything with the fraud, as per Option A, because cancelled checks are never cleared in the bank. The receiver doesn't usually receive a call before check clearance. So, Option B is also incorrect. No error was there in the check as stated in Option C.

8 0
3 years ago
7.
lina2011 [118]

Answer:

I think it would be either B or C

I can't tell between those too I'm sorry

4 0
2 years ago
Other questions:
  • The main premise of ________ is that effective leaders choose one or more leadership styles to influence employee expectations r
    6·1 answer
  • Which of the following is a feature of online professional networking groups such as LinkedIn, Ecademy, and Plaxo? a)job certifi
    13·2 answers
  • The mean amount spent by a family of four on food per month is $700 with a standard deviation of $85. Assuming that the food exp
    10·1 answer
  • An airline company that changes its logo is using which of the following strategies to keep up revenue in the maturity stage?
    6·1 answer
  • quality control activity analysis indicated the following four activity costs of a hotel. Verifying credit card information $52,
    9·1 answer
  • Balance of payments
    14·1 answer
  • The right to appeal is granted in _________.
    7·2 answers
  • Assume that Solo Company commenced operations on January 1, 2006, and it was granted permission to use the same depreciation cal
    5·1 answer
  • When the economy is in a recession, expansionary fiscal policy can be used to stimulate and encourage economic growth. Which of
    15·1 answer
  • What would sell more (both stores are just now opening.): a "in-trend" jewelry store or a Simplistic lip gloss shop?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!