Organization Expenses Dr 7,500
Cash 7,500
June 14 Cash Dr 120,000
Common Stock 110,000
Paid-In Capital in Excess of par value—Common 10,000
June 22 Cash Dr 120,000
Preferred Stock 90,000
Paid-In Capital in Excess of par value—Preferred 30,000
Answer:
Debit : Allowance for doubtful debts = $2900
Credit : Accounts receivables = $2900
Explanation:
An account for allowance for doubtful debts is a contra account created, predicting that certain debtors will not be able to pay for the goods and services they purchased. This may be based on historical experiences. Doubtful debts aren’t officially uncollectible, it is simply an estimation made, but bad debts are, where you have officially written off a certain accounts receivable as uncollectible.
An allowance for doubtful debts is recorded in the balance sheet, directly under accounts receivables. Bad debts are recorded as an expense in the income statement. When there is an allowance for doubtful debts, the bad debts account is debited and the allowance for doubtful debts account is credited.
According to the question, the balance was $2,200 (Cr) in the allowance for doubtful debts account. The initial expected amount for allowance for doubtful debts was $5100 (Cr). This means that the difference was the amount that was declared as uncollectible and officially written off i.e. bad debts. Thus $2900 ($5100 -$2200) would have been confirmed as bad debts.
The entry to record the above transaction is:
Debit : Allowance for doubtful debts = $2900
Credit : Accounts receivables = $2900
The to this question is A
Suppose that you are available to go to work but have not looked for a job for at least the last four weeks because you believe that there aren't any jobs available. You would be counted as<u> </u> <u>discouraged worke</u>r
Explanation:
<u>Suppose that you are available to go to work but have not looked for a job for at least the last four weeks because you believe that there aren't any jobs available. You would be counted as</u>
A <u>discouraged worke</u>r is an individual who has given up looking for employment even though they are perfectly eligible to take up a job but to the repeated failure in finding a job they have then ceased their search for finding an employment.
Discouraged workers have stopped looking for employment opportunities because they feel that their is no job that suits their qualifications
Since they have stopped searching they are not included in the labor force hence when we see the statistics for unemployment these people are not included there also .So they are called <u>Discouraged Workers</u>
<u> The correct formula for calculating the unemployment rate</u>
<u>(</u>
<u> D) Neither formula is used to calculate the unemployment rate</u>
The formula for Unemployment rate is
==> U=Unemployed People/Labor force*100
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