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
maw [93]
2 years ago
12

Nash's Trading Post, LLC uses the percentage of receivables basis to record bad debt expense and concludes that 3% of accounts r

eceivable will become uncollectible.Accounts receivable are $439,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $ 3,041 (a) Prepare the adjusting journal entry to record bad debt expense for the year tb) If the allowance for doubtful accounts had a debit balance of $ 918 instead of a credit balance of $ 3041, prepare the adjusting journal entry for bad debt expense. (Credit account titles are outomatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) Bad Debt Expense Debit Credit Allowance for Doubtful Accounts b) Bad Debt Expense Allowance for Doubtful Accounts
Business
1 answer:
skelet666 [1.2K]2 years ago
3 0

Answer:

(a) Prepare the adjusting journal entry to record bad debt expense for the year with Allowance for Doubtful Account of $ 3,041

Dr Bad Debt Expenses                      $10,150

  Cr Allowance for doubtful debt      $10,150

(b) Prepare the adjusting journal entry to record bad debt expense for the year with Allowance for Doubtful Account of $ 918

Dr Bad Debt Expenses                      $14,109

  Cr Allowance for doubtful debt      $14,109

Explanation:

The Allowance for Doubtful Account will have the Balance of : 439,700 x 3% = $13,191

(a): Bad Debt Expenses needs to be recorded: 13,191 - 3,041 = $10,150

(b): Bad Debt Expenses needs to be recorded: 13,191 + 918 = $14,109

You might be interested in
A researcher examining the effects of an experimental surgery on epilepsy randomly assigns epileptic patients to three different
sergey [27]
The answer to this question is the "WAIT-LIST CONTROL". When a  researcher is examining the effects of an experimental surgery on epilepsy randomly assigns epileptic patients to three different conditions. The first condition is that the participants receive the surgery. The second condition is that the patients receive the medication while third condition, the patients receive the surgery one month after the other group of patients. The third group of patients who need to wait for another one month is in the WAIT-LIST CONTROL and can only be accommodated after the other group is done.
6 0
3 years ago
a type of bank account used by a person who wants to safely store their money over a long period of time, earning interest durin
Phoenix [80]

savings account

your welcome

4 0
3 years ago
Your first task is to set an advertising objective. remember, your key goals are to build brand preference for your product and
Kazeer [188]

Answer:

Persuasive Advertising

Explanation:

The goal of persuasive advertising is to convince customers that your product is better and different and that they should choose it over any other option. This is different than information advertising which focuses on informing customers not persuading them.

6 0
3 years ago
Campbell Co. has net sales revenue of $1,340,000, cost of goods sold of $760,900, and all other expenses of $299,000. The beginn
Softa [21]

Answer:

3.50

Explanation:

Given the information above, we need to find first the Average fixed assets.

Average fixed assets = Fixed assets beginning balance + Fixed assets ending balance / 2

= ($370,000 + $398,000) / 2

= $384,000

Then , the fixed assets turnover will be calculated as;

Fixed assets turnover = Net revenue / Average net fixed assets

= $1,340,000 / $384,000

= 3.50

Therefore, Campbell Co. Fixed asset turnover ratio would be 3.50

5 0
2 years ago
When entrepreneurs bring a new product to market or use a new production method, they are?
Tamiku [17]
Entrepreneurs are people who design, launch and run new businesses that are initially small with an aim of making profit. When entrepreneurs are bringing a new business or a new production method to the market they are innovating. Innovation is the process of implementing new idea or method of production in a business to create or increase value of a organization.
6 0
3 years ago
Other questions:
  • When a restaurant claims that it sells the world's best cup of coffee, it could be accused of?
    12·1 answer
  • Question 24 (multiple choice)
    8·1 answer
  • The population of a country has a relative growth rate of 3% per year. The government is trying to reduce the growth rate to 2%.
    11·1 answer
  • A recent gallup study reported that firms with top engagement scores had _____ higher productivity.
    11·1 answer
  • Using the expanded accounting equation, solve for the missing amount
    6·1 answer
  • Farmer Brian has 3 acres of land which he farms efficiently. Each acre can support 10 apple trees. However the 3 acres differ in
    9·1 answer
  • The management of Stanforth Corporation is investigating automating a process. Old equipment, with a current salvage value of $2
    12·2 answers
  • Stewart, a construction worker, fell from a beam and suffered serious injuries. He sued his employer, Sunrise Construction, for
    8·1 answer
  • Naomi is planning to get a job after graduating from college. Which explains why she should establish a positive credit history?
    9·2 answers
  • Toronto Corporation's financial statements include the following information: Cash $ 6,100 Net Credit Sales $315,000 Accounts re
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!