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Bas_tet [7]
3 years ago
12

Credit Losses Based on Credit Sales Lewis Company uses the allowance method for recording its expected credit losses. It estimat

es credit losses at 5% of credit sales which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000 and the Allowance for Doubtful Accounts had a credit balance of $20,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year
Business
1 answer:
ASHA 777 [7]3 years ago
4 0

Answer:

Explanation:

The adjusting entry to record the credit losses is shown below:

Bad debt expense A/c Dr $45,000

       To Allowance for doubtful debts $45,000

(Being bad debt is recorded)

The credit loss computation is shown below:

= Credit sales × estimated percentage

= $900,000 × 5%

= $45,000

For recording this transaction, we debited the expense account and credited the contra asset account.

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Over 50% of Americans have no long-term savings. Why do you think it's so
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Answer:

because they cant stop spending money

Explanation:

money is money

3 0
2 years ago
You receive results from the team engagement survey. According to the survey, your team members feel that the feedback they prov
andrew-mc [135]

Answer: Most: Discuss the issue with your team. Ask team members for suggestions on how to better incorporate their

Least: Talk to your peers who received similar feedback and brainstorm together on how to better engage the team.

Explanation:

You probably wish you could get more input from your employees if you're like most managers. Quality feedback will help all of you work together, improve your style of leadership, and make sure you catch problems before they become big issues.

While the members of your team must be the ones to come up with the ideas, there are many things you can do to make it better and more productive to produce them.

Your methodology offers an example.

7 0
3 years ago
A coffee shop uses an online system to engage customers. After each transaction, customers receive a text asking them to rate th
iVinArrow [24]

Answer:

The correct answer is letter "C": feedback.

Explanation:

Feedback control refers to obtaining improvement suggestions typically by consumers or suppliers in a supply chain that allows companies to increase efficiency in their processes. It is useful at the moment of measuring customers' satisfaction with the goods or services provided and could determine the likelihood of those individuals acquiring again goods or services from the firm.

In some cases, control feedback includes a comment section where clients can give additional information on what they would change of the service they received or from the good they bought.

5 0
3 years ago
Requirement 3. The company marketing vice president believes a new sales promotion that costs $ 140 comma 000 would increase sal
gregori [183]

Answer:

Revenue = 240000×49= 11,760,000

Variable manufacturing expense = 240000×20 = 4,800,000

Sales commission expense = 240000×8 =1,920,000

Fixed manufacturing overhead = $2,400,000

Fixed operating expenses = 245,000

Sales promotion = 140000

Profit = 2,255,000

8 0
3 years ago
The Bretton woods system of exchange rates relied on A. Fixed exchange rates with no mechanism for changing them. B. Fixed or pe
aleksklad [387]

The Bretton woods system of exchange rates relied on <u>"fixed or pegged exchange rates, with occasional orderly adjustments to the rates."</u>



The Bretton Woods arrangement of money related administration built up the rules for business and monetary relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods framework was the principal case of a completely arranged financial request expected to administer money related relations among free states. The central highlights of the Bretton Woods framework were a commitment for every nation to embrace a fiscal approach that kept up its outer trade rates inside 1 percent by binds its money to gold and the capacity of the IMF to connect transitory uneven characters of installments. Likewise, there was a need to address the trouble among different nations and to anticipate focused depreciation of the monetary forms also.


6 0
3 years ago
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