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frosja888 [35]
2 years ago
7

On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,534, Indigo Corporation estimates that

8% of its accounts receivable balance of $74,100 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Indigo Corporation determined that B. Jared’s account was uncollectible and wrote off $1,171. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022.
Business
1 answer:
White raven [17]2 years ago
3 0

Answer and Explanation:

The Journal Entry is shown below:-

1. Bad debts expense Dr, $7,462

       To Allowance for doubtful accounts $7,462

($74,100 × 8%) + $1,534

(Being bad debts expense is recorded)

2. Allowance for doubtful account Dr, $1,171

        To Accounts receivable $1,171

(Being allowance for doubtful account is recorded)

3. Accounts receivable Dr, $1,171

        To Allowance for doubtful accounts $1,171

(Being accounts receivable is recorded)

Cash account Dr, $1,171

   To Accounts receivable $1,171

(Being cash is recorded)

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Evgesh-ka [11]

The elements that would have to be in place for a contract to be unconscionable would be that

  • They were under pressure
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<h3>What is meant by a contract?</h3>

This is the term that is used to refer to the fact that two people or more have agreed to do business with themselves.

In order to be a contract, one person would have to create a bargain and the other would be the one that would agree to the terms.

It is unconscionable at the time when the contract is done and the person or one of the parties is found not to have been able to make the contract agreement at their right frame of mind. In this case, the law has the power to protect this party.

Hence they would have to rule in his favor. Therefore to be unconscionable, a contract would have to have been misled, have been made under duress and without the adequate information.

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7 0
1 year ago
Colombo Enterprises has a defined benefit pension plan. At the end of the reporting year, the following data were available: beg
nordsb [41]

Answer:

The correct answer is $12,400.

Explanation:

According to the scenario, the computation of the given data are as follows:

We can calculate the pension expense by using following formula:

Pension expense =  Interest cost + Service cost - Expected return on plan assets.

Where, Interest cost = $6,400

service cost = $17,000

Expected return on plan assets = $11,000

So, by putting the value, we get

Pension expense = $6,400 + $17,000 - $11,000 = $12,400

Hence, Journal entry for the following are as follows:

Pension Expense A/c Dr.   $12,400

To Cash                                      $12,400

8 0
3 years ago
Veronica works in the purchasing department for Medical Center Hospital. She buys gloves, masks, and protective gear from Johnso
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<u>C.</u> Satisficer

<h3><u>What is a satisficer?</u></h3>

A decision-making method called satisficing aims for a satisfactory or adequate outcome rather than the best one. Satisficing concentrates on practical effort when faced with tasks rather than exerting maximal effort to achieve the ideal result. This is due to the possibility that pursuing the ideal outcome will result in an unnecessary drain on time, effort, and resources. In order to achieve the first feasible solution that yields minimally acceptable results, the satisficing strategy can involve taking a minimalistic approach. Satisficing reduces the range of options that are taken into account to obtain those objectives, eliminating alternatives that would necessitate more demanding, complicated, or impractical efforts in an effort to produce more ideal outcomes.

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4 0
1 year ago
The Aggarwal Corporation needs to save $10 million to retire a $10 million mortgage that matures in 10 years. To retire this mor
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See the formula of the future value of annuity ordinary through Google
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7 0
2 years ago
Tamon worked 40 hours this week. Assuming he makes $9 an hour, what is his gross pay?​
valentina_108 [34]

Answer:

The weekly gross pay is $ 360

Explanation:

The total number of hours for which Tamon worked in a week = 40 hours

The total amount of money made by Tamon per hour = $9

The total amount earned in the week for working for 40 hours at the rate of $9 per hour

= 40 * 9

= 360

The weekly gross pay is $ 360

8 0
2 years ago
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