Answer:
Dr. Bad debt expense. $11,200
---------To Allowance for doubtful accounts $11,200
Explanation:
Given that:
Accounts receivable balance = $280,000
Total credit sales = $2,810,000
5% of accounts receivables will be bad debt = $280,00 × 5% = $14,000
Credit balance allowance for doubtful account = $2,800 and it must increase to $14,000 I.e $14,000 - $2,800 = $11,200
Adjusting journal entry
Dr Bad debt expense $11,200
-------- Cr Allowance for doubtful accounts $11,200
Out of the choices provided above, it can be concluded to state that the two ways in which a customer service and support can affect sales are,
- Distributing marketing information
- Increased Sales through Responsiveness and Personalization
Therefore, the options C and D hold true.
<h3>What is the significance of customer service?</h3>
Customer service can be referred to or considered as the method in which a dedicated team of designated members helps in the process of deriving efficient outputs for the firm in deriving sales from potential and targeted customers.
The sales can be derived by using different techniques, which may include the distribution of marketing information to the potential buyers who might end up purchasing and deriving sales. Additionally, personalization attracts a number of different customers to boost sales.
Therefore, the options C and D hold true and states regarding the significance of customer service.
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Answer:
differs from accounting income because companies use the full accrual method for financial reporting but use the modified cash basis for tax reporting.
Explanation:
Corporation is simply a legal entity that existed through either federal or provincial legislation.It includes partnerships, joint stock companies, joint accounts, associations, insurance companies and others.
Taxable income is the amount on which the tax will be put together. They are imcome on which tax must be paid. Taxable income of Corporation includes taxed on earnings, dividends distributed to shareholders are also taxed to the shareholders and it creates double taxation.
Answer:
interest = the amount earned on bonds or savings accounts
capital gains = the profit earned from selling a financial asset
dividend = the amount of money paid to share holders of a company
Explanation:
A capital gain is a financial term that is most often captured on tax returns when money is made above the face value or declared value of an asset or property that is sold.
When an individual 'purchases' a bond or places money into a savings account, that money is held in an "interest" baring account or grows over time. Savings account: A percentage is paid for holding those funds in a savings account based on the amount held. The financial institution where the funds are held, pays the owner a fee for use of said money that it is held. Those funds are called "interest" and are collected by the owner of those funds. A bond is typically purchased at a reduced face value amount. If the bond is held for a stated amount of time, the bond value reaches maturity after that time. Those gains are called interest and are typically captured on a 1099i form for tax purposes.
A dividend is a profit paid to a stockholder or investor of a company/business entity. Typically those funds are paid when a threshold of profits are reached by that company/business entity. Typically a dividend is captured on a 1099d form for tax purposes.
