To record the write-off of receivables:
Allowance for doubtful accounts ----------------------------$24,000
Accounts Receivable -----------------------------------------------$24,000
To record the accounts receivable collected from the written-off receivable, first restore the accounts receivable with the following entry:
Accounts Receivable ------------------------------------------$1,900
Allowance for doubtful accounts ------------------------------$1,900
To record the collection of accounts receivable:
Cash -----------------------------------------------------------------$1,900
Accounts Receivable ----------------------------------------------$1,900
Or, the direct journal entry to record the collection of previously written-off accounts receivable is:
Cash ---------------------------------------------------------------$1,900
Allowance for doubtful accounts ------------------------------$1,900
In a revenue management system; the forecasting, allocation, overbooking, and pricing must work in unison if the objective is to maximize the revenue generated by a perishable asset.
<h3>What is a revenue management system?</h3>
Basically, a revenue management system refers to a system that analyzes the combination of competitor rates, historical rates, market dynamics and inventory levels to predict demand and provide rate recommendations. A very good revenue management system will always automate the entire process and generate rates that can maximize revenue and profitability.
One of the example of use of Revenue Management is employed in the businesses of Hotel Management and the Airline Industry. The primary source of most revenue for hotels is found in their room rates and the revenue generated from the bookings is a simple multiplication of price and volume booked.
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Answer:
The next step would be to take action on the discovered research
Explanation:
The company hired the marketing researcher so the first step which is taken by the researcher is to conduct research, fetch the data from the researched data which is already been carried out by them. After fetching the data, a plan is to be created which is also already been carried out. Then the next step after all this would to take action or put into action the plan or the discovered research.
Answer:
I. In order to entice a customer to keep damaged or defective merchandise, the seller is willing to decrease the selling price.
II. The seller wants to avoid future lost sales.
III. The seller wants to keep a customer happy.
IV. Sold merchandise was defective or unacceptable.
Explanation:
Sales allowance can be defined as a reduction in the price of goods that a seller gives to a customer due to quality issues, incorrect pricing, shipping, etc.
The statements which best summarize why a seller would give a sales allowance are;
I. In order to entice a customer to keep damaged or defective merchandise, the seller is willing to decrease the selling price.
II. The seller wants to avoid future lost sales.
III. The seller wants to keep a customer happy.
IV. Sold merchandise was defective or unacceptable.
You just need to find time for both.
