Answer: Please see the required journals below:
Mar. 17:
Debit Allowance for doubtful accounts $1,000
Credit Accounts receivable $1,000
July 29:
Debit Cash $1,000
Credit Bad debt recovery (income statement) $1,000
Explanation: On March 17, when $275 was received from Shawn and the remaining balance of $1,000 was written off, the allowance for doubtful accounts has to be debited since the company adopts the allowance method of accounting for uncollectible receivables. Note that the allowance account would have the required buffer to take care of this debit. Similarly, when the recovery was made, cash would be debited then the credit would default to income statement.
Answer:
option D - $22,000 gain
Explanation:
the gain can be calculated by using the following relation
Face Value + Unamortized Premium - Purchase Price = gain
where,
Face Value - $1,000,000
Unamortized Premium - 60% x $20,000
Purchase Price - 99% x $1,000,000
putting all value to get gain or loss on the retirement
= $1,000,000 + (60% x $20,000) - (99% x $1,000,000)
= $22,000 gain
Answer:E- A temptation to start a crisis to create public support at home
Explanation: A diversionary incentive is a term used to describe the various attempts of a foreign country to create crisis in a given country in order to gain support at home.
Diversionary incentive is usually implemented by certain countries for their own selfish gains,they want their own Citizens to focus their minds and interests in crisis outside their own Country,hence lossing focus of the problems bedeviling their own country.
your correct answers is 114
