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Alex777 [14]
3 years ago
7

On December 31, after making a concerted effort, management determines that it will not be able to collect the $1,200 owed to it

by its customer Acme, Inc. The company uses the direct write-off method to account for uncollectible accounts. Prepare the necessary December 1 journal entry to write off this $1,200 uncollectible account journal entry
Business
1 answer:
zvonat [6]3 years ago
4 0

Answer:

See explanation section

Explanation:

To record the journal entry to write off the uncollectible account according to the direct write-off method, we have to use bad dad expanse instead of an allowance account.

December 31         Bad Debt Expense           Debit     $1,200

                              Account receivable - Acme, Inc.      Credit    $1,200

Note: As the company did not get the money from the Acme, Inc., They treated the expense as irrecoverable.

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Write the journal entries for the following transaction of Amy's publishing company in September 2020:
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Answer:

Date                        Account Details                                     Debit               Credit

Sept. 30, 2020       Accounts Receivable                          $5,000

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Date                        Account Details                                      Debit              Credit

Sept. 30, 2020       Cost of Goods Sold                             $2,000

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You want to have $1 million in your savings account when you retire. You plan on investing a single lump sum today to fund this
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The computation of the amount affect the operating income is shown below

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By using billboards to advertise a team's schedule, they create marketing strategies to help notify the sport lovers and commuters of the timing of the games thereby reminding them to be part of the sport viewer. Scheduling, add value to just advertising the sport date by creating a unique timing in the minds of prospective viewers.

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