Answer:so u could have money for later
Explanation:
You would have money for later in a bank account so u could use it for emergencies or any little special needs
Answer:
Allowance for Doubtful Accounts and
Bad debt expense
(to fill the gaps)
Explanation:
Allowance for Doubtful Accounts is the account used to record receivables that may not be collectible. When receivables may be incollectible, the entries posted are
Debit Bad debt expense
Credit Allowance for Doubtful Accounts
When the receivables can no longer be collected
Debit Allowance for Doubtful Accounts
Credit Account receivables
Hence for Amend Inc, the reversals of the above entries is what is required. Since Amend Inc. has debited Accounts Receivable and credited Allowance for Doubtful Accounts to reestablish an account previously written off, the second set of entries required would be
Debit Allowance for Doubtful Accounts
Credit Bad debt expense
Answer:I am figuring this question out for you! one moment please
Explanation:
Answer:
False
Explanation:
It is false that In the current year, Don has a $55,000 loss from a business he owns. His at risk amount at the end of the year, prior to considering the current year loss, is $36,000. He will be allowed to deduct the $55,000 loss this year if he is a material participant in the business.
Given :
Apr-02 :
Cash = 2700
Sales = 2500
Sales Tax Payable = 200
Apr-03 :
Sales returns and allowances = 250
Apr-04:
Accounts receivable = 1134
Apr-06:
Sales returns and allowances = 150