Answer:
Dr Bad debt expense 28,799.40
Cr Allowance for doubtful accounts 28,799.40
Explanation:
allowance for doubtful accounts balance $14,000
$880,000 not due yet 1.2% $10,560
$350,000 1 to 30 days 1.95% $6,825
$70,400 31 to 60 days 6.45% $4,540.80
$35,200 61 to 90 days 32.50% $11,440
$14,080 over 90 days 67% <u>$9,433.60</u>
total $42,799.40
Journal entry
Dr Bad debt expense 28,799.40
Cr Allowance for doubtful accounts 28,799.40
Answer:
The action of ACME global represent the influence of Government in the external environment of an organisation
Explanation:
The external environment of an organisation represents the factors outside the environment that is capable of influencing the decision of the organisation. It consists of the outside factors that influences the organisation. e.g social cultural, political, economic, technological factors among others.
One of these factors is the Political/ Legal factor:
The political / legal factor focuses on the influence of government on business organisations. It reviews how government laws, policies, and rules affects the operation of business. The rules and regulations or policies put in place by the government has the capacity to influence the business decision.
In the case of ACME global hiring a director of safety, they are doing so in other to comply to the occupational safety and Health Act that is most definitely enacted by the government.
Therefore we can say that the action of ACME global represent the influence of Government in the external environment of an organisation
Answer:
DR Warranty Payable $1.9m; CR Cash $1.9m.
Explanation:
When a company creates a payable it is obligated to pay a certain amount within a particular period.
In this case Google provides a 1 year warranty on its cell phones, so any claims that will attract repair or replacement is a payable obligation.
In the year 2019 they actually paid $1.9 million for repairs and replacements.
So the journal entry to be passed is DR Warranty Payable $1.9m; CR Cash $1.9m.
Answer:
the sum of all prices that the individual buyers are willing and able to pay for each possible quantity of the good.
Explanation:
Market demand refers to the sum of the individual demand for a commodity from all buyers in a given market.
A market demand curve is therefore a graph that shows the the sum of the individual demand for a commodity from all buyers in the market.
Therefore, the correction option is "the sum of all prices that the individual buyers are willing and able to pay for each possible quantity of the good".
Note that the market demand curve is a downward sloping curve due to the fact that there is a negative relationship between price and quantity demanded. That is, as price increases, the quantity demanded decreases. On the other hand, as price decreases, the quantity demanded increases.
Also note that an example of a market demand curve is given in the attached graph. From the graph, it can be seen that when price is 
, quantity demanded is 
. But when price falls to 
, quantity demanded increased to 
. This shows the negative relationship between price and quantity demanded as explained above.
Answer:
is a time deposit of money in an international bank located in a country different from the country that issued the currency.
Explanation:
In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.
The three (3) main functions of money all over the world are;
I. Medium of exchange.
II. Unit of account.
III. Store of value.
The European System of Central Banks (ESCB) which was established under the Treaty on European Union (TEU).
It comprises of the European Central Bank (ECB) and the national central banks of all the 27 European Union (EU) member states, irrespective of adopting the Euro (£) or not. This has helped the European Union (EU) member states to achieve tight corporations and memorandum of understanding (MOUs) such as TARGET2 (single payment system).
Eurocurrency is a time deposit of money in an international bank located in a country different from the country that issued the currency.
