Answer: Debit Bad debt expense $7,300; Credit Allowance for doubtful accounts $7,300.
Explanation: 5% of accounts receivable of $190,000 is $9,500. Remember the credit balance in Allowance for uncollectible accounts is $2,200 prior to any adjustment and this reports to the balance sheet. To reinstate this account to the required provision for uncollectible amount of $9,500, we need to adjust for the difference (that is, $9,500 minus $2,200 existing balance), which is $7,300. <u>Then, the entries above would be recorded. </u>
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Answer:
The elasticity of labor is elastic (low elastic).
Explanation:
The given situation or condition, the rise in minimum wage will lead to decrease the employment for the person who earns lower than new minimum wage shows that the labor demand is elastic or elasticity for the labor is low because the increase in the minimum wage lead discourages to the producer to hire unskilled labor. Therefore, employment will decrease with an increase in the minimum wage.
In this instance, Holly would be able to deduct all of these expenses if she is not reimbursed from her employer.
This is a simple algebra problem.
To determine price, you need to Have the cost of the product plus the markup equals the sales price.
We know the sales price and the markup, so we need to solve for the cost.
9,655= 1.42(x)
X=9,655/1.42
