Elite Electronics, Incorporated
JOURNAL ENTRY :
Aug 31
Dr Allowance for Doubtful Accounts a/c 300
Cr Account Receivable. a/c 300
( To record write off Account Receivable)
Dec 15
Dr Account Receivable a/c 300
Cr Allowance for Doubtful Accounts 300
( To record reinstate the accounts receivable)
Dec 15
DR Cash a/c 300
CR Account Receivable a/c 300
( To record Payment received)
lily's apparel has defined its target market by : <span>Psychographic characteristics
A psychograhic characteristic is a way to define a target market by finding similar attitudes, lifestyle , or value.
By knowing this similarities, we could find a product that will fulfill all the needs that is required by the majority of that market</span>
Answer:
The correct answer is add $72 to the book's balance.
Explanation:
Bank reconciliation is a way of identifying discrepancies between the cash book balance (company's books) and the bank balance (balance per bank statement). The discrepancies can be as a result of erroneous posting, deposit in transit, outstanding checks, etc.
In the instance of the question, there was an erroneous posting in the cash book of $72 ($480 - $408). Instead of crediting cash book by $408, it was rather credited by $480 - meaning that the credit was overstated by $72. <em>To correct this erroneous posting, we have to add back $72 to the cash book balance.</em>
Answer:
1.21
Explanation:
Current Ratio = Current Asset / Current Liabilities
= (Cash + Shortminusterm Investments + Net accounts receivable + Inventory) / Current Liabilities
= ( 46500 + 34000 + 102000 + 129000) / 257000
= 1.21