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vfiekz [6]
3 years ago
10

Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the acc

ount of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
PIT_PIT [208]3 years ago
7 0

Answer:

Mar 17.

6150 Bad Debt Expense  $1.000 - Debit

1010 CASH Operating Account $275 - Debit

                 1290 A/REC Allowance for Uncollectible Accounts  $1.000 - Credit

                 1220 A/REC Trade Notes Receivable $275 - Credit

Jul 29.

1290 A/REC Allowance for Uncollectible Accounts  $1.000 - Debit

1010 CASH Operating Account $1.000 - Debit

                        6150 Bad Debt Expense  $1.000 - Credit

                        1220 A/REC Trade Notes Receivable $1.000 - Credit

Explanation:

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Tax savings generated from deductions are considered cash inflows.
lubasha [3.4K]
Tax savings generated from deductions are considered cash inflows.

Answer: false

Hope this helps
3 0
3 years ago
In what ways do people cope with the problem of scarcity (5 sentence)​
lianna [129]

There are three ways to cope up with the problem  of scarcity:

a. Economic growth.

b. Improvement of use  of available resources.

c. Reduction of wants.

Explanation: Economic growth mean the ability if an economy to produces products and services. Using the products wisely can improve the usage and  helps in saving the resources. Society can improve the use their existing or available resources in order to reduce the scarcity by: Efficiency in productivity, efficient allocation of resources, full employment  with minimum wastage and equity.



7 0
3 years ago
All of the following are examples of current account transactions EXCEPT: Elimination Tool Select one answer A The United States
9966 [12]

Answer:

E

Explanation:

the current account of a country measures the value of the trade balance, transfers and the net income

the component of the current account includes

trade balance - it measures the value of the  import and export of goods and services of a country.

net income - measures the value of the income received by a country's residents less the income paid to foreigners

transfers - it includes income sent home by a country's citizens working outside the country

Asset income - measures changes in the asset income

this transaction - China purchases $10 billion of United States government securities - would be included in the capital account

7 0
3 years ago
Identify the three components of retained earnings.
Hoochie [10]
The beginning period retained earnings, net profit/net loss made during the accounting period, and cash and stock dividends paid during the accounting period. (i may be wrong because there was no picture but i this is right)
5 0
2 years ago
Suppose that the average growth rate of the economy has been 3​%. Given a forecast of 2​% growth this​ year, if rational expecta
Rudik [331]

Answer and Explanation:

Forecast error is a difference between Estimated data and real data, here Estimated data is referred to as forecast data.

According to rational expectations principles, expected forecast error's average always near to be zero.

Expected forecast error may be forecast or predict in future.

So, Expected forecast error will be zero (0%)

4 0
3 years ago
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