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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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Suppose the production function in medieval Europe is Y 5 K 0.5L0.5, where K is the amount of land and L is the amount of labor.
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a) Y = 500

b) Wages: 2.5

   Rental price: 2.5

   

c) labor Share of output: 0.370511713 = 37.05%

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Y = 4K^{0.5} \times L^{0.5}

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Y = 5(100)^{0.5} \times (100)^{0.5}

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wages: marginal product of labor = value of an extra unit of labor

dY/dL (slope of the income function considering K constant while L variable)

ax^b = bax^{b-1}

Y = 5K^{0.5} \times L^{0.5}

Y' = 5K^{0.5} \times 0.5 L^{-0.5}

Y' = 2.5K^{0.5} \times L^{-0.5}

Y' = 2.5(\frac{K}{L})^{0.5}

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Y' = 2.5(\frac{(100)}{(100)})^{0.5}

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rental: marginal product of land = value of an extra unit of land

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Y = 5K^{0.5} \times L^{0.5}

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L = 100 K = 100

Y' = 2.5(\frac{100}{100})^{0.5}

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c) we use logarithmic properties:

Y = 50 \times 10

log500 = log(50 \times 10)

log500 = log50 + log10

50 was the land while 10 the labor

2.698970004 = 1.698970004 + 1

share of output to labor: 1/2.698970004  = 0.370511713

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3 years ago
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