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
Xelga [282]
3 years ago
8

Sunland Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $31

0000 and credit sales are $1240000. Management estimates that 6% of accounts receivable will be uncollectible. What adjusting entry will Sunland Company make if the Allowance for Doubtful Accounts has a credit balance of $3100 before adjustment?
Business
2 answers:
Alinara [238K]3 years ago
5 0

Answer: $15,500

Explanation:

First we calculate the estimated Uncollecteble debt,

= 6% of 310,000

= 0.06 (310,000)

= $18,600

We will then subtract the existing $3,100 to find out how much we will send to the Bad Debt Expense account because the amount already in the account needs to be included in the $18,600.

= 18,600 - 3,100

= $15,500

We will therefore Debit the Bad Debt Expense account with $15,500 and Credit the Allowance for Doubtful Accounts with the same amount.

If you need any clarification do react or comment.

Roman55 [17]3 years ago
5 0

Answer:

Sunland Company

The Accounts Receivable balance is $310000

Credit sales are $1240000

Bad debts 6% of accounts receivable= 6% of  $310000= $ 18600

Allowance for Doubtful Accounts has a credit balance of $3100

Required Adjustment $ 15,500

The following adjusting entry will be made.

Journal Entry

Date               Particulars                     Debit                     Credit

                     Bad Debts Expense     15,500

                    Allowance for Doubtful Debts                 15,500

You might be interested in
Sorry i accidently did this. do not know how to work
san4es73 [151]

Answer:

sorry for u

Explanation:

will they barn u

6 0
2 years ago
Read 2 more answers
PLEASE HELP
olasank [31]

The correct answer is A. A publisher prevents its employees from using office computers for personal use.

Explanation

Internal compliance is a set of strategic internal rules and measures focused on employee behavior and ethics. This internal Compliance was obtained with the aim of improving business practices aimed at raising the quality level of results, goals, and objectives. According to the above, the correct answer is "A. publisher prevents its employees from using office computers for personal use." because this is an example of a business rule that pre-empted the misuse of company equipment preventing its employees from using it for purposes other than corporate ones.

8 0
3 years ago
In two or three sentences, describe the labor market.
Gelneren [198K]
I think the labor market is the nominal market in which workers find paying work, employers find willing workers, and wage rates are determined. 
3 0
3 years ago
Read 2 more answers
When setting your schedule, it is sometimes necessary to tell people "No." Please select the best answer from the choices provid
erma4kov [3.2K]

The answer is true.  In business, you have to prioritize what is the most important task to do for the day as this might affect your business.  You have to choose which is the most to the least important things to do.  The most important things come first especially if it has a big impact on your career.

8 0
3 years ago
Read 2 more answers
Suppose that Verizon Wireless has hired you as a consultant to determine what price it should set for calling services. Suppose
goldfiish [28.3K]

Answer:

The two optimal two part price that would be suggested to Verizon is Unit per Fee = $1 and Lump Sum fee or fixed fee = $99

Explanation:

Solution

For us fully maximize profit under two part price It should gives  that amount of wireless service at which P = MC and and also charge Lump sum fee or fixed fee equals to the consumers surplus that consumer will have.

Now,

marginal cost= MC  = 1 and P = 100 - 25Q.

Thus,

P = MC => 100 - 25Q = 1 => Q = 2

Then,

The Consumer surplus is the above area Price of  line which is (iP = 1) and below is the curve of demand

Now,

P = 100, When Q = 0 The Consumer surplus = (1/2)*base*height

= (1/2)*(100 - 1)*2 = 99

Therefore, Fixed fee or The Lump Sum fee = 99

However, the  Optimal two part pricing is denoted by:

The Unit per Fee = $1 and Lump Sum fee or fixed fee = $99

4 0
3 years ago
Other questions:
  • In order to make sure it is possible to clean the floors under shelving units in food establishments, the shelves must be at lea
    8·2 answers
  • After some research, albert picked six companies in which to invest money. he discussed his picks with his wife, and she fully s
    10·1 answer
  • You own a portfolio that has $3,100 invested in Stock A and $4,200 invested in Stock B. Assume the expected returns on these sto
    13·1 answer
  • At a price of $3.50 per loaf, a bakery is willing to supply 450 loaves of bread per week. At a price of $4.00 per loaf, the bake
    8·1 answer
  • sells subscriptions for $ 120 for 30 issues. The company collects cash in advance and then mails out the magazines to subscriber
    11·1 answer
  • Firm A manufactures brake pads, a component of a braking system, and sells them to Firm B, who sells braking systems used in veh
    14·1 answer
  • A bank reconciliation should be prepared a. to explain any difference between the company's balance per books with the balance p
    8·1 answer
  • The main advantage of __________ is specialization, as it allows the firm to focus its resources toward understanding and servin
    15·1 answer
  • Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,
    9·1 answer
  • The Management of XYZ Company Limited uses value chain analysis, supply chain management, inventory b)Identify and explain the t
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!