The missing words in the statement are Market Economy and Command Economy. In the statement, it described the Command Economy as one of the economic systems which the government is dominant in the decision. But it contradicts with the Market Economy, it allows the individuals or firms to make a decision in the economy.
Answer:
Balance in the Allowance Account : $1600
Please see details below:
Explanation:
When the company determined the bad debt balance, the company made the next entry to the accounting system.
Debit - Bad Debts Expense $1000
Credit - Allowance for Doubtful Accounts $1000
When the company write-off some debts it makes the next entry.
Debit - Allowance for Doubtful Debts $2.100
Credit - Accounts Receivable $2.100
When the company recorded bad debt expenses:
Debit - Bad Debts Expense $2700
Credit - Allowance for Doubtful Accounts $2700
Answer:
The correct answer is Option A.
Explanation:
The concept of double entry says for every debit entry, there must be a corresponding credit entry. This is necessary for the journal entries to balance, that is, the total of the debit balance must always equal the credit balance.
The building purchased by BOC is an asset. So there is need to debit that account to recognize the asset. Since there was an outflow of cash to the tune of $50,000, we need to credit cash while the remaining balance being financed by mortgage will be credited to recognize the liability.
Question Completion:
Journalize the adjusting entries:
Answer:
Yazici Advertising
Adjusting Journal Entries:
Date Account Titles Debit Credit
October 31:
1. Supplies Expense $1,500
Supplies $1,500
To record the supplies expense for the year ended October 31.
2. Insurance Expense $50
Prepaid Insurance $50
To record the insurance expense for the month of October.
Explanation:
a) Data and Analysis:
October 31:
1. Supplies Expense $1,500 Supplies $1,500 ($2,500 - $1,000)
2. Insurance Expense $50 Prepaid Insurance $50 ($600 * 1/12)
3. From the scenario, the year-end is October 31.
<span>A command or planned economy occurs when the government controls all major aspects of the economy and economic production. In a command economy, it is the government that decides what to produce, how to produce goods and how to distribute goods and services within the economy</span>
