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Hunter-Best [27]
3 years ago
5

Miles uses the allowance method and wrote off the account of james. miles then received $559 as partial payment on the account o

f james. the journal entry to record the initial write-off includes ?a
Business
1 answer:
Amanda [17]3 years ago
6 0
<span>The journal entry to record the initial write-off includes is allowance for doubtful accounts. Allowance for doubtful accounts is a contra account to accounts receivable, and therefore has debit balance. It also needs to be diminished because you already used the bad debt when you make the allowance.</span>
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The expense recognition (matching) principle, as applied to bad debts, requires: Multiple Choice That bad debts not be written o
Charra [1.4K]

Answer:

The use of the allowance method of accounting for bad debts.

Explanation:

We use the allowance method to match the expected ad debt with the sales or account receivables which generates.

As sales of a givne month can be declared uncollectible after several month using a direct method we are putting the burden of the uncollectible in another accounting period while leaving the one which did that sale untouched.

The allowance makesthe expense in the same time period thus, it follows the recognition principle.

5 0
3 years ago
Read 2 more answers
J.P. Morgan Chase &amp; Company wanted to hire the children of prominent Chinese officials. Considering legal and ethical standa
Elina [12.6K]

Answer:

The interviewer should structure the interview in a way that helps him find out:

  1. Whether the applicants hold parallel job positions in China, and if they do, whether those parallel positions conflict with corporate standards, and general federal law.
  2. Whether the applicants understand the basics of US ethical standards (and J.P. Morgan standards), and US law so that they have a general and reasonable idea of what actions are forbbiden under American codes.
  3. Whether the applicants itend to engage in financial transactions with Chinese officials, and whether the money that would be used would come from J.P. Morgan or not.
  4. This might sound overboard, but as the applicants come from a country that is known to engage in spying, intellectual property stealing, and general involvement with internal issues in other countries, the interviewer should try to ask probing questions to find out if the applicants are some sort of spies or not.

7 0
3 years ago
Marquis Company uses a weighted-average perpetual inventory system.
timama [110]

Answer:

The amount of the cost of goods sold for this sale is $98.4

Explanation:

Marquis Company uses a weighted-average perpetual inventory system

August 2, 22 units were purchased at $3 per unit,

Total cost = $3 x 22 = $66

Average cost per unit: $3

August 18, 27 units were purchased at $5 per unit

Total inventory = $66 + $5 x 27 = $201

Average cost per unit = $201/(22+27) = $4.1

August 29, 24 units were sold

Cost of goods sold = 24 x $4.1 = $98.4

8 0
3 years ago
Last week, the Citizens for a Greener America sent a formal letter to Tee Time Golf Resort requesting that the private club meas
Lorico [155]

Answer:

3) a watchdog group.

Explanation:

"Citizens for a Greener America" is an organization that tries to monitor the carbon footprint of other institutions and then will make the information they discover public.

"Citizens for a Greener America" acts as a watchdog group that tries to discover and make public undesirable activities carried out by government, public or private organizations.

6 0
3 years ago
Which of the following types of venue is favored by small-business retailers?
kondor19780726 [428]
The type of venue that small-business retailers favor is C.SPECIALTY SHOP.

Being in a specialty shop, your products will be prominently displayed and competition is minimal <span>compared to other given venues.

Customers, looking for specific items that you can offer, usually  prefer going directly to the shops instead of wasting time looking around those bigger venues searching for items they need. </span>
8 0
3 years ago
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