Answer:
The adjustment Dahir would record for Allowance for Uncollectible Accounts:
Debit Bad debts expense $9,600
Credit Allowance for Doubtful Accounts $9,600
Explanation:
At the end of the year, before adjustment, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $2,400 (credit).
The company estimates uncollectible accounts to be $12,000
Bad debts expense = $12,000 - $2,400 = $9,600
The adjustment to record Allowance for Uncollectible Accounts:
Debit Bad debts expense $9,600
Credit Allowance for Doubtful Accounts $9,600
Answer:
Survival of the fittest
Explanation:
Survival of the fittest, term made famous in the fifth edition (published in 1869) of On the Origin of Species by British naturalist Charles Darwin, which suggested that organisms best adjusted to their environment are the most successful in surviving and reproducing. Darwin borrowed the term from English sociologist and philosopher Herbert Spencer, who first used it in his 1864 book Principles of Biology. (Spencer came up with the phrase only after reading Darwin’s work.)
Answer:
b. $588
Explanation:
Terms 2/10, n/30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.
When Larson Company sold merchandise, the following entry was made to recording revenue (sales) and the receivable:
Debit Receivable Account $1,000
Credit Revenue $1,000
On July 20 Stuart Co. returns merchandise, the entry is made to record the decreasing of Receivable Account:
Debit Revenue $400
Credit Receivable Account $400
The balance Receivable Account of Stuart Co. = $1000-$400 = $600
On July 24, Stuart Co. makes the payment, the sales discount was:
$600 x 2% = $12
The amount of cash received = $600-$12=$588
The following entry is made:
Debit Cash: $588
Debit Sales discount: $12
Credit Receivable Account $600
Answer:
$132,300
Explanation:
The total manufacturing costs for the month can be calculated as follows
Direct labor + indirect materials + factory manager salary + indirect labour + direct materials + depreciation on factory equipment
= 40,600 + 16,200 + 8,200 + 10,000 + 7,300 + 41,500 + 8,500
= $132,300
Hence the total manufacturing costs if $132,300
