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konstantin123 [22]
3 years ago
13

The balance sheet of Starsky Company at December 31, 2019, includes the following. Notes receivable $36,000 Accounts receivable

182,100 Less: Allowance for doubtful accounts 17,300 $200,800 Transactions in 2020 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.
Business
1 answer:
Arturiano [62]3 years ago
8 0

Answer:

Journal Entry

Explanation:

1. Cash Dr,                                      $136,800  

Sales Discount Dr,                         $1,200

($60,000 × 2%)

         To Accounts receivable     $138,000

(Being cash is recorded)

2. Accounts receivable Dr,            $5,300  

      To Allowance for doubtful accounts $5,300

(Being written off is recorded)

     Cash Dr,                                        $5,300  

       Accounts receivable                  $5,300

(Being payment received is recorded)

3. Allowance for doubtful accounts Dr, $17,500  

       To Accounts receivable              $17,500

(Being  written off is recorded)

4. Bad Debts expense Dr,                $14,900

=$20,000 - ($17,300 + $5,300 - $17,500)

    To  Allowance for doubtful accounts  $14,900

(Being bad debt expenses is recorded)

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Answer:

Master status

Explanation:

In the social development of an individual, some certain set of characteristics or social identity is peculiar to individuals in which that individual is known for. Such social identity is what we refer to as the status of an individual.  

Status of an individual can be achieved or ascribed. Achieved statuses such as occupation, athlete, teacher,  parent, spouse, criminal etc, all statuses gained throughout the course of individuals’ lives. Ascribed status on the or hand are statuses that an individual is born with, such as sex, race etc.

As an individual develops and interacts in a society, any particular status that makes a person well known for and easily identified with is referred to as the master status of the individual. The master status overrides other statuses of the individual. It is the status that confers a social identity that is exceptional on an individual. Master status can be ascribed or achieved.

The status of Venus Williams as one of the top women’s tennis players in the world is a Master status, which is an achieved status that overrides all other statuses that she is known for. Wherever her name  mentioned, the first thing that comes to people’s mind is her master status of being a star in tennis.

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Multiple Product Performance Report Storage Products manufactures two models of DVD storage cases: regular and deluxe. Presented
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Answer:

<u>Flexible budget performance report for the July manufacturing activities</u>

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Lumber :

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Deluxe ($9.00 × 2,000) $18,000

Assembly kit :

Regular ($2.00 × 5,000) $10,000

Deluxe ($2.00 × 2,000) $4,000

Labor :                                                            $30,000

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Fixed manufacturing overhead                  $13,000

Total                                                             $120,000

Explanation:

A Flexed Budget is a Master budget that has been adjusted to reflect the Actual Level of Operation.

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