Your financial institution can’t help you if there is a mistake on your bank account statement ?

Colley Company uses the allowance method for bad debts and has the following information before the year end adjusting entry: Ac

Leona [35]

Answer:

If the company used the percentage of sale method and estimates bad debts to be 2% of sales what is the amount of bad debt expense:

D) 15,500

If the company uses the percentage of accounts receivable method and estimates 4% of accounts receivable will be uncollectible

A) 4,300

Explanation:

The percentage of sale method

800,000 2% 16,000

Initial Balance

Accounts Receivable $ 120,000

Allowance for Uncollectible Accounts $ 500

Allowance for Uncollectible Accounts $ 15,500

Accounts Receivable $ 15,500

Accounts Receivable Method 4% 4,800

Bad debt expense $ 4,300

Allowance for Uncollectible Accounts $ 4,300

8 0

2 years ago

Glenda is in the ninth grade, and she loves to write and share events that take place around her. She wants to become a journali

madam [21]

Answer:

D

Explanation:

This will help her develop journalism skills at a younger age

4 0

3 years ago

Identify a few examples of incentives that someone might encounter in his or her daily life. Instructions: In order to receive f

spin [16.1K]

Answer:

Receiving five cents for recycling glass bottles
Parking fines for illegal parking
Tax breaks for 401(k) retirement contributions checked

Explanation:

Recycling is good for the environment and also means companies spending less because they wouldn't have to reproduce the recycle material from scratch. Paying a person money for recycling the glass bottles is an incentive that is meant to encourage them to do it more.

Not all incentives are positive however. Some are negative and aimed at reducing a behavior. Fining people for illegal parking is an example as the logic is that the offending party will think of the fines the next time they want to park illegally and refrain from it.

Offering tax breaks to a person in order to get them to save is an incentive because they are being offered to keep more of their money if they save more.

4 0

3 years ago

liraira [26]

Groups of related business activities such as the acquisition of merchandise and payment of vendors are called transaction cycles.

A transaction cycle is an interlocking set of business transactions. Most of those transactions may be aggregated into a comparatively small number of transaction cycles associated with the sale of products, payments to suppliers, payments to employees, and payments to lenders.

A transaction cycle is a set of accounting transaction that happens in a very normal sequence as an example a sales transaction is followed by shipping transaction, a billing transaction, and a cash receipts transaction.

Therefore, there are four transaction cycles which are the following:- Financial cycle, expenditure cycle, revenue cycle, conversion cycle.

To know more about transaction cycle here

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3 0

1 year ago

Which of the following institutions makes up the largest part of the Federal Reserve System organization

vlada-n [284]

The Correct answer choice for question 1 is : <u>Federal Reserve Banks</u>

<h3>What is Federal Reserve Banks?</h3>

While the Board of Governors is a sovereign government agency, the Federal Reserve Banks are set up like private companies. Member banks hold stock in the Federal Reserve Banks and earn profits. The Federal Reserve's interest is determined principally from the interest on U.S. government securities that it has received through open market operations.

AND

The Correct answer choice for question 2 is : <u>Buy government securities</u>

<h3>What is Recession?</h3>

A recession is a business cycle recession which occurs in a general slowdown in financial activity. Macroeconomic indicators such as GDP, finance spending, capacity utilization, household income, business profits, and inflation fall, while failures and the unemployment rate rise.

Therefore, we can conclude that the correct option of 1 is (B) and 2 is (A).

Your question is incomplete, but most probably your full question was:

1. Which of the following institutions makes up the largest part of the Federal Reserve System organization?

A. Board of Governors

B. Federal Free Market Committee

C. Federal Reserve Banks

D. Member banks and other depository institutions

2. If the United States falls into a recession, which action would the Federal Reserve take to encourage employment?

A. Buy government securities

B. Increase reserve requirements

C. Raise federal funds and prime rates

D. Sell government securities

Learn more about Federal Reserve System on:

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7 0

2 years ago