Money is omitted in a barter transaction.In a barter transaction, two parties trade one basket of goods and services for another basket containing additional goods and services.
<h3>What is barter transaction?</h3>
- A barter transaction entails two parties and involves the exchange of one basket of products and services for another basket including other commodities and services. without a related monetary payment.
- In the alternative trading system of barter, products and services are traded directly for one another without the use of money as a middleman. For instance, a farmer may trade a pair of shoes from a shoemaker for a bushel of wheat.
- Several different kinds of barter exchanges are briefly described and explained here.
- Direct bartering is the direct exchange of goods or services between two or more parties.
- retail barter is exchanged between small enterprises through a trade exchange that is locally arranged.
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Answer: Please see the analysis below
Explanation: The following are the financial statement effects
Assets Liabilities Stockholders Equity Income Expense
Write-off of $10,000 - - Nil Nil Nil
Bad debt of $8,000 - + - - +
- Write-off of customer balances of $10,000 would lead to reduction in assets and also reduction in liabilities (since the provision for doubtful accounts reports to liabilities but mapped to the accounts receivable to show the net amount). Here, we have assumed that there is an existing allowance for doubtful accounts that has $10,000 buffer or more. If the write-off was not initially provided for, it would hit expense by debiting bad debt expense and crediting the accounts receivable. <em>Its effects are therefore decrease in asset, decrease in liabilities.</em>
- Bad debt expense of $8,000 affects the expense and the liabilities/assets. Journal entries to record the bad debt expense is Debit Bad debt expense $8,000; Credit Allowance for doubtful accounts $8,000. So, it affects the expense, liabilities and ultimately the assets (allowance for doubtful accounts is a contra to the accounts receivable). <em>Its effects are increase in expense, increase in liabilities, decrease in stockholders equity, decrease in income and decrease in assets</em>
Unsubsidized federal loan
Answer:
Green marketing.
Explanation:
Green marketing is promotion and selling of products that are environmental friendly. The product should be produced in an envimentally friendly process and should be sustainable. As is seen in the example of Fresnas Inc, they are using recycling as a sustainable environment friendly process to produce goods, while making more profit.
Answer:
The manufacturing overhead cost during the year=$128,000
Explanation:
The manufacturing overhead costs can be calculated using the formula below;
O=C-M
where;
O=manufacturing overhead costs
C=conversion costs
M=material costs
In our case;
O=unknown
C=$728,000
M=$600,000
replacing;
O=728,000-600,000=128,000
O=128,000
The manufacturing overhead cost during the year=$128,000
