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vladimir1956 [14]
3 years ago
9

At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,700 (debit) before any yea

r-end adjustment. The company estimates future uncollectible accounts to be 4% of credit sales for the year. Credit sales for the year total $283,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
iren2701 [21]3 years ago
7 0

Answer:

Bad debt expense $11,320   ($283,000 × 4%)

      To Allowance for doubtful debts $11,320

(being the bad debt expense is recorded)

Explanation:

The journal entry is shown below:

Bad debt expense $11,320   ($283,000 × 4%)

      To Allowance for doubtful debts $11,320

(being the bad debt expense is recorded)

For recording this given transaction, we debited the bad debt expense as it increases the expenses account and at the same time it decreases the account receivable so the allowance would be credited so that the proper posting could be done

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3 years ago
Malcolm Industries recently hired a large number of workers for the company's new construction factory in Colorado. During the h
Arturiano [62]

The complete question should have been:

Malcolm Industries recently hired a large number of workers for the company's new construction factory in Colorado. During the hiring process, the management made a clear effort to recruit physically strong individuals because the work at the factory involves manual labor. The jobs need to be performed by individuals who have the energy and physical stamina to work for long hours. Which of the following surface-level characteristics did the company most likely concentrate on when selecting the new workers?

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B.) Values

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Answer: Age.

Explanation:

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2 years ago
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The demand curve facing a monopolistic competitive firm will be __________ than the demand curve facing a perfectly competitive
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Answer:

Downward sloping; more elastic

Explanation:

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The demand curve of a monopolistic competitor is DOWNWARD-SLOPING.

A monopolistic competitive firm can either raise price and lose few customers or reduce price and gain some more customers.

A monopolistic competitive firm

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Elasticity of demand is the degree of responsiveness of demand to a change in price, income and price of other commodities.

Perfectly Competitive market have the following characteristics;

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2) Firms have market control.

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Katyanochek1 [597]

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