1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
postnew [5]
2 years ago
9

Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,000 in its Allowance for Doubtful

Accounts.Prepare journal entries for each transaction.a. On August 31, 2010, a customer balance for $300 from a prior year was determined to be uncollectible and was written off.b. On December 15, 2010, the customer balance for $300 written off on August 31, 2010, was collected in full.
Business
2 answers:
OleMash [197]2 years ago
4 0

Elite Electronics, Incorporated

JOURNAL ENTRY :

Aug 31

Dr Allowance for Doubtful Accounts a/c 300

Cr Account Receivable. a/c 300

( To record write off Account Receivable)

Dec 15

Dr Account Receivable a/c 300

Cr Allowance for Doubtful Accounts 300

( To record reinstate the accounts receivable)

Dec 15

DR Cash a/c 300

CR Account Receivable a/c 300

( To record Payment received)

love history [14]2 years ago
4 0

Answer:

Upon write off of $300 as uncollectible debt,the following accounting entries are required

Dr Allowance for doubtful accounts  $300

Cr Accounts receivable                                 $300

Being posting of uncollectible debt

Upon receipt of the debt already written off,the debts needs be restated by reversing the original entries:

Dr Accounts receivable               $300

Cr Allowance for doubtful debt            $300'

Restatement of earlier debt written off

The following entries are required for cash receipt:

Dr Cash              $300

Cr Accounts receivable    $300

being collection of cash for accounts receivable

Explanation:

Initially write off of debt means additional expense of $300,hence allowance for doubtful accounts is debited and accounts receivable is credited.

For receipt of cash, an inflow of cash means an increase in asset,hence cash account is debited and accounts receivable credited.

You might be interested in
Legislates and enforces regulations that
Nikolay [14]

Answer:

Environmental Protection Agency

Explanation:

Out of all of the choices, the Environmental Protection Agency is the only administration that focuses on the protection of the environment, which would include the reduction of pollution, through protecting the air, water, and land.

OSHA and the FDA work to protect consumers and people in the workforce.

The SEC works with small businesses and investors.

8 0
3 years ago
Fancy Flowers has assets of $165,000 and liabilities of $113,000. What is the owner's equity?
Whitepunk [10]
The answer is $52,000 my friend.
5 0
2 years ago
Of the following mortars, type ____ is the strongest
pochemuha

Type M is the strongest

Is that what you were looking for I'm not a 100% sure.


3 0
3 years ago
QS 20-26A Merchandising: Cash payments for merchandise LO P4 Garda purchased $610,000 of merchandise in August and expects to pu
SVETLANKA909090 [29]

Answer:

The cash payments for September are $646000

Explanation:

The cash payments for merchandise are divided into to parts. The previous month's 70% payments and this month's 30% payments. Thus, the cash payments for the month of september will be 70% for AAugust purchases and 30% for september's purchases.

Thus the cash payments for merchandise will be,

Cash Payments = 0.7 * 610000 + 0.3 * 730000  = $646000

6 0
3 years ago
Read 2 more answers
Typically, the government limits the quantity of a good that can be bought and sold by: setting a price floor below the equilibr
natka813 [3]

Answer:

Setting a price floor below the equilibrium price.

Explanation:

To begin with, it is essential to understand some key concepts:

1. Price floor - can be regarded as the least price that can be established for a category of products in the market.

2. Price Ceiling, on the other hand, can be regarded as the price cap to ensure price of a commodity does not rise above a certain level.

Essentially, price floor and price ceiling are two elements of price control.

Equilibrium price can be regarded as price at which quantity demanded equals quantity supplied.

Equilibrium price is thus the optimum and best combination of demand and supply that could give an optimum return. Any price short of the equilibrium price is often at the risk of the seller.

Thus, setting a price floor below the equilibrium price is tantamount to reducing the interest of the seller in selling such products. Ultimately, this reduces the amount of goods available in the market, while the demand will be enormous, owing to the lower price floor. The implication is that the quantity that can be bought or sold has been effectively curtailed by the government.

On the other hand, setting price ceiling above the equilibrium price would not achieve the objective of the government. This would only ensure the flooding of commodities in the market, effectively dwarfing the quantity demanded. This is away from the objective of the government as implied in this given question.

7 0
3 years ago
Other questions:
  • What is the only state whose capital city begins with the letter "f"?
    11·1 answer
  • What fee may be collected prior to delivering required disclosures?
    9·1 answer
  • Which of these is a pro of being a wage earner?
    14·2 answers
  • The gdp deflator can be used to calculate the inflation rate. True or False
    15·1 answer
  • ompanies that succeed in a turbulent world are those in which managers are evaluated and rewarded for paying attention to both c
    14·1 answer
  • Besides the shift of jobs to foreign countries, outsourcing has other drawbacks such as ______
    8·1 answer
  • Personal selling fits into the marketing mix as part of a firm's product strategy. Group of answer choices True False
    10·1 answer
  • Suppose you are committed to owning a $185,000 ferrari. if you believe your mutual fund can achieve an annual return of 10.5 per
    10·1 answer
  • A monopolist sells to tourists who have demand p1 = 14 – q1 at a price of $8.00. Residents have demand p2 = 10 – q2. The firm im
    9·1 answer
  • Concerning the six-step process of personal selling, which step is described as: using a referral or calling on a customer witho
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!