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
Komok [63]
3 years ago
5

Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry

Required" in the first account field.)
At the end of June, bad debt expense is estimated to be $12,800.
In July, customer balances are written off in the amount of $6,400.

1) Record the estimated bad debt expense of $12,800.2) Record the customer balances written off in the amount of $6,400.
Business
1 answer:
AysviL [449]3 years ago
7 0

Answer:

The journal entries are shown below:

Explanation:

According to the scenario, the journal entries for the given data are as follows:

(1). Jun.30   Bad Debt expense A/c Dr $12,800

                   To Allowance for Doubtful A/c $12,800

                    (Being the bad debt expense is recorded)

(2). July       Allowance for Doubtful A/c Dr $6,400

                   To Accounts Receivable A/c $6,400

                    (Being the customer balance written off is recorded)

You might be interested in
Explain the equation for the income statement. What are the three major items reported on the income statement?
Sergio039 [100]

The equation for the income statement is Revenues - Cost of goods = Net income. The three major items reported on the income statement are net income, gross profits, and operating income.

The income statement is a statement of the profits and losses of a firm. It consists of three income statements. The Net income is derived by deducting the expenses of the firm from its revenues (Net income = Revenue - Expenses). It may also be calculated by adding the operating income with the non-operating items.

Gross profit is arrived at by subtracting the expenditure made on the products that were sold from the revenue of a firm. The Operating income is the result of subtracting the operating expenses from the gross profit.

To learn more about income statement : brainly.com/question/14308954

#SPJ4

4 0
2 years ago
What is one of the most critical areas in a quality control program?
harkovskaia [24]
I think it’s the image quality.
4 0
4 years ago
which is true:_______A. high p/e ratio could mean that the company has a great deal of uncertainty in its future earningsB. low
kondor19780726 [428]

Answer:

1. Which Statement is true:

B. low p/e ratio could mean that the company has a great deal of uncertainty in its future earnings.

2. Qualitative analysis:

According to your understanding, a company with less competition is considered to be (more or less) risky than companies with a wide multiple competitors.

Explanation:

Company A's Price/Earnings (P/E) ratio is calculated as the market price of its shares divided by the earnings per share.  It shows the value investors have over a stock.  With a high P/E ratio, the company's stock could be over-valued, or investors are expecting high growth rates in the future.  This is unlike a low P/E ratio that shows that the stock is undervalued or that investors are not expecting high growth rates in the future because of uncertainty.

Without competition, Company A is riskier  than Company B which operates efficiently and competitively.  There is that competitive edge that competitive companies possess.  Monopolies do not enjoy that advantage.  It is, therefore, riskier to have no competition.

5 0
3 years ago
Q#1. How would you describe the word “CAREER” Explain in 5-7 sentences.
DochEvi [55]
A career is a job that you go to for most of your life. Most careers require you to go to school for them. A career is a specialized activity that you are trained to do. Not something that you learn in a couple of minutes. For example working at McDonald’s is not a career but a doctor is. (I gave you some so you can fill in based on what I said :) )
5 0
3 years ago
Read 2 more answers
Burning one gallon of gasoline in a car releases approximately 20 pounds of CO2 into the atmosphere. One average person drives 6
Oksanka [162]

Answer: 20,000 pounds of CO₂

Explanation:

30 mpg car.

Number of gallons of gasoline used:

= 60,000 / 30

= 2,000 gallons

CO₂ released = 2,000 * 20

= 40,000 pounds

20 mpg car

Number of gallons used:

= 60,000 / 20

= 3,000 gallons

CO₂ released = 3,000 * 20

= 60,000 pounds

Difference:

= 60,000 - 40,000

= 20,000 pounds of CO₂

8 0
3 years ago
Other questions:
  • Coach Bjourn Toulouse led the Big Red Herrings to several disappointing football seasons. Only better recruiting will return the
    14·1 answer
  • When discussing and generating ideas with team members, you should: A. Confine the discussion to generalities and avoid any deci
    15·1 answer
  • Doctor Smith is contemplating the purchase of Dr. Johnson’s practice. Frank, his office manager, is about to prepare a worksheet
    12·1 answer
  • The Custom Halloween Company purchases a new sewing machine to replace an older machine with limited capabilities. The first wee
    11·2 answers
  • The SUV division of a major automobile corporation decides to release a new model a month ahead of its stated release and notifi
    14·1 answer
  • If we had a situation of Diminishing Marginal Productivity, then this would be great news for the firm. Senior management loves
    14·1 answer
  • Which of the following is an action company co-managers should seriously consider in trying to improve the company's credit rati
    7·1 answer
  • Sixx AM Manufacturing has a target debt—equity ratio of 0.53. Its cost of equity is 19 percent, and its cost of debt is 11 perce
    10·2 answers
  • Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 411,000 Income tax
    5·1 answer
  • Please Help!
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!