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
pentagon [3]
3 years ago
9

Brief Exercise 5-7 Record the adjustment for uncollectible accounts (LO5-3) At the end of the year, Dahir Incorporated’s balance

of Allowance for Uncollectible Accounts is $3,000 (debit) before adjustment. The company estimates future uncollectible accounts to be $15,000. What is the adjustment Dahir would record for Allowance for Uncollectible Accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Arada [10]3 years ago
5 0

Answer:

At the end of period the allowance for uncollectible debts will be: 15000-3000 = $ 12000 because 3000 account receivable is written off.

Explanation:

(Opening) Allowance for uncollectible accounts = 3000 (Dr)

During the year company estimates = $ 15000

Entry : Dr  Bad debts expense   15000

                     Cr Allowance for bad debts     15000

            ( To record uncollectible accounts)

You might be interested in
At Ava's second birthday, her grandparents wanted to pool their money to buy U.S. Treasury bonds that would ultimately provide $
Lelu [443]

Answer:

They would need to buy $64,068.981 in U.S treasury bonds on Ava's second birthday to ultimately provide $120,000 for college expenses in 16 years.

Explanation:

The initial amount to be invested in order to yield $120,000 after 16 years can be expressed as;

F.V=P.V(1+R)^n

where;

F.V=future value of investment

P.V=present value of investment

R=annual interest rate

n=number of years

In our case;

F.V=$120,000

P.V=unknown

R=4%=4/100=0.04

n=16 years

replacing;

120,000=P.V(1+0.04)^(16)

120,000=P.V(1.04)^16

120,000=1.873 P.V

P.V=120,000/1.873

P.V=$64,068.981

They would need to buy $64,068.981 in U.S treasury bonds on Ava's second birthday to ultimately provide $120,000 for college expenses in 16 years.

4 0
3 years ago
Purple Turtle Group is analyzing a project with the following cash flows: Year Cash Flow 0 -$795,000 1 $375,000 2 $-500,000 3 $6
Phantasy [73]

Answer:

MIRR = 4.32%

Explanation:

year           cash flow

0               -$795,000

1                 $375,000

2               -$500,000

3                $600,000

4                $400,000

Since there are 2 cash outflows, the IRR calculation would result in two different answers (1 for every cash outflow), that is why we use the MIRR function in excel.

=MIRR (cash flows, finance rate, reinvestment rate)

=MIRR (-795000 to 400000, 5.5%, 5.5%)

Since we are only given one interest rate, we will use it as our finance rate and our reinvestment rate.

MIRR = 4.32%

6 0
3 years ago
Recording purchases made for cash and on account. LO 8-1 Lewis Corporation engaged in the following transactions during June. DA
vampirchik [111]

Answer:

(A) June 4

Inventory debit 1,065

Accounts Payable credit 1,065

(B) June 15

Inventory debit 1,550

Cash credit 1,550

(C) June 30

Accounts Payable debit 1,065

Cash credit 1,065

Explanation:

(A) there is no information or suggestion that Lweis will take the discount, we post as it was nominal, if later on it is paid within the discount period, we will recognize it. <u>No discount is recorded</u>

(B) Simple: increase the inventory receive and decrease cash by the amount paid.

(C) We settle the account payable for the nominal of the purchase.

It wasn't within the discount period. So <u>no discount is granted.</u>

5 0
3 years ago
If the federal open market committee decides to increase the money supply, then
OLEGan [10]

Answer:

the Federal Reserve creates dollars and uses them to purchase government bonds from the public.

Explanation:

The money supply is increased by the Federal Reserve Open Market Committee under expansionary monetary policy actions to increase the level of aggregate demand in the market and push the level of output when business activity in the economy is low and the economy is experiencing a recession.

The FOMC creates dollars and uses them to purchase government bonds from the public that injects money in the market by increasing the credit creation capacity of commercial banks. As the money supply increases, the spending capacity of consumers is increased, either by lowering the cost of debt on their credit cards or by increasing employment in the market with increased investments by firms as they borrow with greater zeal when the cost of borrowing is low.  

8 0
3 years ago
When mary does gymnastics for two hours and her grade on the economics test?
vovikov84 [41]
I really don't understand what you are asking
3 0
3 years ago
Other questions:
  • At an aquarium, 6 out of 18 deliveries are plants. Out pf 15 deliveries in one week, how many are plants?
    10·1 answer
  • Jake, yolanda, william, liam, and matthew are members of a highly successful consulting partnership. ella wants to join the part
    7·1 answer
  • U Co. had cash purchases and payments on account during the current year totaling $455,000. U's beginning and ending accounts pa
    8·1 answer
  • In what FBLA region is Arkansas included​
    6·1 answer
  • On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s chart of accounts, the supplies
    7·1 answer
  • Assume that Delalo, Inc. is operating at full capacity. Also assume that assets, costs, and current liabilities vary directly wi
    11·2 answers
  • Why does insurance often provide "peace of mind"? O People know their insurance coverage will help prevent accidents and damage
    13·1 answer
  • How does a bond issuer decide on the appropriate coupon rate to set on its bonds?
    12·1 answer
  • While promoting a new line of kayaks, a company decided to be traditional. It distributed folders to journalists, which containe
    5·1 answer
  • Baxton courier services recently equipped all of its employees with electronic tablets in order to track the whereabouts of the
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!