Answer: Please see the required journals below:
December 31:
Debit Bad debt expense $6,034
Credit Allowance for doubtful accounts $6,034
February 1:
Debit Allowance for doubtful accounts $431
Credit Accounts receivables $431
June 5:
Debit Cash $431
Credit Bad debt recovery (income statement) $431
Explanation: The company estimates its bad debt expense as percentage of sales. In this case 0.7% of its annual sales of $862,000 was deemed as uncollectible, that is, 0.7% x $862,000 = $6,034. The required journals to recognize this bad debt expense is provided above. However, since there was an existing provision, which resides in the allowance account, a write-off would definitely hit that account in order to extinguish the accounts receivable portion. Upon recovery of the write-off, we cannot reinstate the receivable since it was already extinguished but we need to recognize the recovery as a gain.
Answer:
Integration.
Explanation:
Human resources management (HRM) can be defined as an art of managing, controlling and improving the number of people (employees or workers), functions, activities which are being used effectively and efficiently by an organization.
Thus, human resources managers are saddled with the responsibility of recruiting, managing and improving the welfare and working conditions of the employees working in an organization.
The function of the HR manager that is concerned with employing people who possess the necessary skills, knowledge, and aptitude is known as integration. This is usually achieved through a recruitment process, which typically involves advertising a vacant position and accepting applications (resumes) from applicants who meet the minimum requirements.
Answer:
Under FIFO, the ending inventory is based on the latest units purchased.
Explanation:
First in, first out inventory (FIFO) method values cost of goods sold using the purchase price of the "oldest" units in inventory. This means that the cost of the first units sold will be used to determine COGS.
On the other hand, last in, first out (LIFO) method uses the price of the most recently purchased units to determine the cost of goods sold.
Hey I think A production–possibility frontier or production possibility curve is a curve which shows various combinations of set of two goods which can be produced with the given resources and technology where the given resources are fully and efficiently utilised per unit time
