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vfiekz [6]
4 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]4 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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A commercial bank offers products and services such as loans, savings accounts, safety deposit boxes and mutual fund/insurance to individuals and businesses.

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4 years ago
Sanctions are a type of trade restriction that is ineffective in forcing change in other countries.
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3 years ago
What is one of the best ways to avoid credit problems? A. Use your credit as often as possible. B. Apply for as many credit card
bagirrra123 [75]

Answer:

d. all of the above

Explanation:

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4 0
3 years ago
Place the steps for finding the EOQ in a quantity discount model with variable H in the correct order.
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The steps for finding the EOQ in a quantity discount model with variable H are:

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  2. Start with the lowest price
  3. If the minimum point is feasible
  4. Otherwise, compare total costs

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4 0
1 year ago
On September 18, 2019, Gerald received land and a building from Frank as a gift. No gift tax was paid on the transfer. Frank’s r
ExtremeBDS [4]

Answer:

Explanation:

a. The computation of the adjusted basis for the land and building is shown below:

For land = $100,000

For building = $80,000

b. Gerald's basis for gain:

Gerald's adjusted basis for the land is $100,000

Gerald's adjusted basis for the building is $80,000

Gerald's basis for loss:

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Since all the values are given in the question we simply put them in the correct items

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4 years ago
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