Answer:
1. $372,150
2. $650
Explanation:
1. Smith's preadjustment balance in accounts receivable on December 31, 2019:
= Accounts Receivable on January 1, 2019 + Credit sales - Collected accounts receivable - uncollectible accounts receivable
= $386,000 + $2,895,000 - $2,905,000 - $3,850
= $372,150
2. Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019:
= Allowance for Doubtful Accounts (a credit balance) on January 1, 2019 - uncollectible accounts receivable
= $4,500 - $3,850
= $650
3. The Journal entry is as follows:
Bad Debt Expense ($3,800 - $650) A/c Dr. $3,150
To Allowance for Doubtful Accounts $3,150
(Record adjusting entry for bad debt expense estimate)
Answer:
A. CPAs work for government agencies and corporations.
Explanation:
Certified public accountant (CPA) is the title for skilled, competent, and professionally trained accounts. Accountants play a significant role in any organization's success, be it a business-oriented, government institution, or not-for-profit organization. Employers seek and employ qualified and certified accountants to work in their organizations.
Both the public and private sector engage the services of certified account to take charge of accounting and financial management. The objective is to ensure that financial transactions are recorded correctly, and the financial statement reflects the true picture of the organization as per the generally accepted accounting principles.
Answer:
A. An asset would be debited and a Liability credited.
Explanation:
Purchasing on account means buying on credit. The debts of the business increase. As a result, liabilities increase.
Equipment is a business asset. Purchasing equipment increases assets.
In the double-entry accounting system, An increase in an asset is recorded by debiting the asset account. An increase in liabilities is captured by crediting the liabilities account.
Answer:
D) Cameron should make a point of going to Blake's work station and leaving a mess.
Explanation:
Complete Quesion:
Cameron loves her job as a data programmer, but her coworker Blake, is very challenging. Blake often loses his temper over aspects of shared projects that neither of them can control. When discussing projects in Cameron's work station, Blake plays with her office supplies, rearranges her desk, and leaves snack and food crumbs. Worst of all, Blake always takes the portion of a project that is the easiest, leaving Cameron to work harder and longer hours. Which of the following is not an effective method for handling Cameron's problems with Blake?
A) Cameron should invite Blake to lunch and directly confront him with her feelings.
B) Cameron should invite Blake to coffee to clarify if there are any misunderstandings.
C) Cameron should simply ignore Blake and his behavior.
D) Cameron should make a point of going to Blake's work station and leaving a mess.
E) Cameron should ask a manager to help divide the work load for the next project.
Of all the above options, option d is not an effective method for handling Cameron's problems with Blake due to Cameron's calm nature even though Blake usually get Cameron very irritated and annoyed but she could not do anything about it because she does not want to indulge in a fight or a quarrel with her co- worker
Answer:
$456.33
Explanation:
Loan Amount = $15,000
Down payment = $0
Annual Rate = 6%; Monthly rate = 6%/12 = 0.50%
Years = 3; No of month = 3*12 = 36
Monthly payment = PMT(Rate, N, -Loan)
Monthly payment = PMT(0.50%, 36, -15,000)
Monthly payment = $456.3290618
Monthly payment = $456.33
Thus, her monthly payment for the loan is $456.33
