Answer:
Dr. Allowance for Doubtful Accounts...1,200
Cr. Accounts Receivable....................................1,200
Explanation:
When a specific customer's account is identified as uncollectible, the journal entry to write off the account is:
A credit to Accounts Receivable (to remove the amount that will not be collected)
A debit to Allowance for Doubtful Accounts (to reduce the Allowance balance that was previously established)
Therefore the JOURNAL ENTRIES for the $1,200 uncollectible debt will be
Dr. Allowance for Doubtful Accounts...1,200
Cr. Accounts Receivable....................................1,200
Answer:
Nominal salaries decrease and the short term aggregate goes up to the right.
Explanation:
Companies normally make decisions about the amount of supplies in which they invest according to the profits that they expect to obtain in the future according to the variables of their economic activity. The profits for the company will be also determined by the price of the products or services the company trades and the price of the supplies necessary for such activities.
Answer:
The adjusting entry on 31st July will be;
Salaries Expense (Dr.) $480
Salaries Payable (Cr.) $480
Explanation:
Molly Mocha hires one student who works for 5 days and is paid on Monday. The student who has started working on 28th July Monday then he has worked till 1st August Friday. The adjusting entry need to be made on Thursday 31st July. The student is paid $120 per day so for 4 days of working it will be $120 * 4 days till 31st July. Since Molly Mocha pays salaries on following Monday it should record salaries expense as debit and salaries payable as credit in its accounts.
<span>A. Once you finish making your budget, you should not change it.</span>
