Answer:
Explanation:
The journal entries are shown below:
On January 31
Allowance for doubtful accounts A/c Dr $800
To Account receivable A/c $800
(Being the written off amount is recorded)
On January 31
Account receivable A/c Dr $300
To Allowance for doubtful accounts A/c $300
(Being the reverse entry is made)
On March 9
Cash A/c Dr $300
To Accounts receivable A/c $300
(Being the amount is collected)
Answer:
$60,000
Explanation:
Data provided in the question:
Damages suffered by Plaintiff from an automobile accident = $100,000
Responsibility of manufacturer in the accident = 60 percent
Responsibility of plaintiff in the accident = 40%
Now,
Under the doctrine of contributory negligence
The manufacturer will pay
= Damages suffered × Responsibility of manufacturer
= $100,000 × 60%
= $60,000
Answer:
The correct answer is letter "A": Putting aside money for retirement.
Explanation:
Savings accounts are those where individuals' can deposit money to profit from the annual interest banks and financial institutions provide. Retirement accounts, on the other hand, are those funded with money discounted from employees' paychecks and do not allow withdrawals unless there is a major qualifying event -<em>if the type of retirement account allows it</em>.
Answer: The answer is Trend extrapolation
Explanation:
Answer:
The answer is: B)The adjustment for prepaid insurance was omitted.
Explanation:
The adjusted trial balance is the last step before producing the financial statements of a company. Its format is identical to unadjusted balances, it has three columns: account names, debits and credits. The debit and credit columns are calculated at the bottom and should always be equal. If they aren’t equal, the trial balance was prepared incorrectly.
The only error that would cause the adjusted trial balance to be unequal (debts ≠ credits) is; The adjustment for prepaid insurance was omitted. Prepaid insurance should be debited and cash (or accounts payable) should be credited.
