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
aalyn [17]
3 years ago
5

The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $839 of acco

unts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $198. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of ______.
Business
1 answer:
In-s [12.5K]3 years ago
6 0

Answer:

$1,037

Explanation:

Allowance for doubtful accounts is a contra asset account that must have a credit balance since it reduces the value of accounts receivable. In this case, since the account had a debit balance of $198, and the ending balance of the account should be $839, then we must credit = $839 + $198 = $1,037

The adjusting entry should be:

December 31, adjusting entry allowance for doubtful accounts

Dr Bad debt expense 1,037

    Cr Allowance for doubtful accounts 1,037

You might be interested in
Marci Luner is going over the finances of her clothing boutique firm. If her firm has a net income of​ $131,000 and net sales of
MaRussiya [10]

Answer: The profit margin is 22.35 %

Explanation: The formula for profit margin is net profit/ income ÷ net sales.

As such, the profit margin is (131000 ÷ 586000) x 100 = 0.2235 * 100 = 22.35 %

6 0
3 years ago
The manager of the marketing team has thoughtfully selected team members with their strengths in mind to play roles based on the
hodyreva [135]

Answer:

The correct option is advisor.

Explanation:

In business, advisors can be described as persons who evaluate circumstances and suggest options as what could be done during different circumstances. These options are suggested for the benefit of the company and to lead it towards success. An advisor usually evaluates the business plan for a company.

In the above-mentioned scenario, Andy is entitled to evaluate particular situations and provide better options, hence she is playing the role of an advisor.

3 0
3 years ago
Read 2 more answers
When might be the best time to start saving for retirement?
Vilka [71]
When you 40 some I think
7 0
2 years ago
How do i find ending merchandise and cost of goods sold (accounting)
Sergio [31]
Ending merchandise = beginning Merchandise + net purchases- cost of goods sold
Cost of goods sold= beginning merchandise + purchases during the period- ending merchandise
3 0
3 years ago
Marks Consulting purchased equipment costing $45,000 on January 1, Year 1. The equipment is estimated to have a salvage value of
Tasya [4]

Answer:

B) Debit to accumulated depreciation for $22,500.

Explanation:

As for the information provided,

Depreciation under straight line method for each year = ($45,000 - $5,000)/8 = $5,000 for each year.

Depreciation for 4 years = $5,000 \times 4 = $20,000

Depreciation in 5th year for 6 months = $5,000/2 = $2,500

Total depreciation till 1 July Year 5 = $20,000 + $2,500 = $22,500

Carrying value of equipment in books as on date of sale = $45,000 - $22,500 = $22,500

Sale price = $20,000

Profit or loss on sale of equipment = $20,000 - $22,500 = - $2,500

So therefore, there is loss of $2,500

Thus, option c and option d are invalid.

Further cash received on sale is debited and not credited thus, option a is also invalid.

As the total accumulated depreciation = $22,500

The correct entry will include debit to accumulated depreciation of $22,500.

Thus, option b is correct.

6 0
3 years ago
Other questions:
  • Which of the following is not a skill required to change discriminatory behavior?
    6·1 answer
  • Suppose a state passes a minimum wage law that increases the minimum wage from $5/hour to $20/hour. The equilibrium wage prior t
    10·1 answer
  • Suppose that in 2007, Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at
    6·1 answer
  • Weirick, Inc., manufactures and sells two products: Product T8 and Product P4. The company has an activity-based costing system
    15·1 answer
  • The following events took place at a manufacturing company for the current year: (1) Purchased $96,300 in direct materials. (2)
    12·1 answer
  • Suppose that the equilibrium wage for teachers in Michigan is $15/hour. Also suppose that Michigan raises its minimum wage to $1
    15·1 answer
  • It costs ​$34,000 to retrofit the gasoline pumps at a certain filling station so the pumps can dispense E85 fuel​ (85% ethanol a
    9·1 answer
  • A marketing company wants to determine which cola beverage is most preferred by consumers. A group of participants tastes Cola A
    6·1 answer
  • Work in process inventory increased by $20,000 during the current year. Cost of goods manufactured was $180,000. Total manufactu
    12·1 answer
  • Which of the following is an example of earned income?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!