Answer:
Debit Bad Debts Expense $12,475
Credit Allowance for Doubtful Accounts $12,475
Explanation:
Calculation for estimated bad debts expense:
Explanation
Accounts receivable * Sales uncollectible
$445,000×0.025
=11,125
Hence:
11,125 +Allowance for Doubtful Accounts 1,350
=$12,475
Therefore the estimated bad debt will be:
Debit Bad Debts Expense $12,475
Credit Allowance for Doubtful Accounts $12,475
False, professional shoplifters steal to resell items
Answer:
Petty cash refers to a certain amount, which is kept by the company to spend it on small items related to the business.
Explanation:
The Journal entry is given below:
Answer:
The world has limited productive resources
More output satisfies More wants
