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
sveta [45]
2 years ago
7

Which of the following statements is correct? The journal entry to record bad debt expense requires a debit to bad debt expense

and a credit to accounts receivable. The journal entry to record bad debt expense requires a debit to bad debt expense and a credit to allowance for doubtful accounts. The journal entry to record the write off of an uncollectible account receivable requires a debit to bad debt expense and a credit to accounts receivable. The journal entry to record the write off of an uncollectible account receivable requires a debit to bad debt expense and a credit to allowance for doubtful accounts.
Business
1 answer:
boyakko [2]2 years ago
4 0

Answer:

This first statement it's to record an estimation of uncollectible accounts

  • The journal entry to record bad debt expense requires a debit to bad debt expense and a credit to allowance for doubtful accounts.

Explanation:

When the company determined the percentage of total amount of accounts receivables as uncollectible, the journal entry required is Bad Expenses (debit) with Allowance for Uncollectible Accounts (credit)

At the moment of the write-off as the expenses were before recognized we only use the Allowance for Uncollectible Accounts (Debit) with Accounts Receivable (Credit), with this we are recognizing the uncollectible credit of the company.

The other way it's to write-off directly the bad debts at the moment decided that the credit are uncollectible, the total amount  it's reported as bad debt expenses which affect negativly the income statement and the accounts receivable are reduce in the same amount, less assets.

You might be interested in
Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liabil
aksik [14]

Answer:

Limited liability partnership (LLP) / limited liability company (LLC)

Explanation:

Limited liability partnership and limited liability companies work very similarly and their main characteristics are:

  1. they are separate legal entities, this means that their owners are separate from them.
  2. since they are separate legal entities, the owners have limited liability
  3. they are not taxed directly, they act as pass through entities and their owner's pay income taxes
  4. they both need to be incorporated by the state government as distinct legal entities

5 0
3 years ago
​the principle of _________ is the premise for elliot erwitt’s humorous photograph felix, gladys, and rover.
nydimaria [60]

The answer is variety within unity. It is because this is the principle being described above in which has became a premise of the humorous photograph of Elliot Erwitt towards Felix, Gladys and Rover. It is a principle that changes the character of a certain element.

5 0
3 years ago
2. At a consumer optimum, for all goods purchased, marginal utility per dollar spent is equalized. A high school student is deci
Greeley [361]

Answer:

The high school student should analyze the point at which the marginal cost equals the marginal benefit.

In other words, he or she should see if the increased costs of attending Petesburg University are more or less equal to the increased benefit that is gained from graduating from a more prestigious university.

The student should also analyze the possible opportunity cost in the future. Attending amore renowned college can result in better job prospects than doing otherwise. Higher salaries in the future could be given up if he or she chooses the cheaper option.

4 0
3 years ago
Since the acme global corporation closed six of its plants last year, employees at the other plants have been feeling a great de
Leya [2.2K]
This is called an occupational stress. <span> This comes from work, which is stress related.</span><span>
</span><span>There are many factors why people have occupational stress. T</span><span>he load of work, pressure, economic conditions at work and layoffs can lead to such stress. Stress can lead to poor health and behavioral changes.</span><span>
</span><span>
</span>
7 0
3 years ago
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials
tatuchka [14]

Answer: $3.10

Explanation:

The actual price per pound of direct materials purchased in June will be calculated as follows:

Let the actual price be represented by x.

Material price variance is calculated as:

= (standard price-actual price) × actual quantity

-2000 = (3 × 20000) - 20000x

-2000 = 60000 - 20000x

20000x = 60000 + 2000

20000x = 62000

x = 62000/20000

x = 3.1

Therefore, the actual price per pound of direct material bought in June is $3.10

4 0
3 years ago
Other questions:
  • Medzone Inc., a pharmacy company, has collaborated with Bit Corp., a food manufacturing company, to come up with a third company
    9·1 answer
  • Activities that pay off for the firm and environment in the short run are known​ as__________ activities, where as activities th
    14·1 answer
  • Rio Coffee Shoppe sells two coffee drinks—a regular coffee and a latte. The two drinks have the following prices and cost charac
    10·2 answers
  • Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contrib
    11·1 answer
  • Which transaction would cause one asset to increase and another asset to decrease?
    5·1 answer
  • Leading economic indicators predict the status of the economy over the course of _____________
    8·2 answers
  • Mario is a criminal attorney with a private practice. He has been appointed by the court to serve as a defense attorney for an i
    11·1 answer
  • The appropriate discount rate for the following cash flows is 7.38 percent per year.
    6·1 answer
  • In order for someone to avoid a contract on the grounds of intoxication, the level of intoxication must have been:______.
    9·1 answer
  • Identify each CSTO from its description
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!