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algol13
3 years ago
6

What is the normal balance for the allowance for doubtful accounts (debit or credit), and why?

Business
1 answer:
abruzzese [7]3 years ago
7 0

The allowance for doubtful accounts has a normal credit account.

This account is a contra-asset account. Since assets have a normal debit balance, this account would have a normal credit balance.

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A currency drain occurs when
gogolik [260]

Answer:

The correct answer is: non-bank public increases its holdings of currency outside the banking system.

Explanation:

A currency drain refers to the situation where there is an increase in currency held outside the banking system. When the public holds more money outside the banking system, it reduces the total reserves of the banks. The excess reserves get reduced as well.

The currency gets drained from the banking system, so banks can create less money. This causes a reduction in the money supply.

5 0
3 years ago
How many americans are victims of identity theft each year? about 10,000. about 100,000. about 1 million. about 10 million. abou
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About 10 million <span>americans are victims of identity theft each year</span>
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3 years ago
Historically, the geographic division structure is associated with companies pursuing ________ strategies.
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Historically, the geographic division structure is associated with companies pursuing ______ strategies.

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Multi Domestic

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3 0
3 years ago
Which statement is most appropriate for the body of a cover message?
garri49 [273]

Answer:

C

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The statement uses an active verb and has clear, concise information that specifically applies to a job rather than a class.

3 0
3 years ago
Lehman Corp. has two departments: Assembly and Testing. Assembly department had beginning inventory of 750 units which were 50%
algol13

Answer:

Total equivalent unit     1,425 units

Explanation:

<em>Under the first-in -first out system, to account for the units completed in a period, it is assumed that the opening inventory units are first completed and the balance represents the newly introduced.</em>

<em>Fully worked represents unit of inventory started this this period and completed this period</em>

Fully worked = completed units - opening inventory

Fully worked = 1200 -750 = 450 units

Item                        Units                                     Equivalent Units

Opening WIP         750     750×50%                     375

Fully worked          450      450× 100%                   450

Closing WIP           800       800× 75%                 <u> 600</u>

Total equivalent unit                                              <u>1,425</u>

Note the opening inventory has 50% work done last period so the balance of 50% i.e (100 - 50)  is completed this period

     

5 0
3 years ago
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