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Travka [436]
3 years ago
10

At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $239,000 and in Allowance for Doubt

ful Accounts of $9,000 (credit). During the period, it had net credit sales of $898,000 and collections of $785,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $4,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,700 at the end of the period. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period.
Business
1 answer:
denis-greek [22]3 years ago
3 0
It’s c hopefully this helps
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Which of the following statements about credits is true? A : Credits decrease both assets and liabilities. B : Credits increase
e-lub [12.9K]

Answer:

The correct answer is C. Credits decrease assets and increase liabilities.

Explanation:

A credit is a provision of money in the form of a loan, granted by a creditor (lender) to a debtor (borrower). For the creditor, the transaction gives rise to a claim on the borrower, under which he can obtain repayment of the funds and payment of remuneration (interest) according to a fixed schedule. For the borrower, whether it is a business or an individual, the credit establishes the existence of a debt (increasing liabilities) and opens the availability of a temporary financial resource.

7 0
3 years ago
Both Bond Sam and Bond Dave have 7 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has three ye
3241004551 [841]

Solution:

Each bonds have a 7 percent coupon limit. Since sales are also equivalent to 7 percent with par with YTM. The age of Bond Sam is three years and the maturity of Bond Dave is sixteen. At a sudden increase of 2%, interest rates. Decide the shift in both bond price by percentage.

Bond Sam:

Bond Value = pv(rate,nper,pmt,fv)  

Rate = (7%+2%)* 1/2 = 4.5%

nper = 3*2 = 6

fv = 1000

pmt = 7%*1000*1/2 = $35

Bond Value = -pv (4.5%,6,35,1000)

Bond Value =$936.65

Percentage change in the price of Bond Sam = (936.65-1000)/1000 Percentage change in the price of Bond Sam = -6.33%  

Bond Dave:

Bond Value = pv (rate, nper, pmt, fv)

Rate = (7%+2%)*1/2 = 4.5%

nper = 16*2 = 32

fv = 1000

pmt = 7%*1000*1/2 = 35

Bond Value = pv (4.5%,32,35,1000)

Bond Value = $854.66

Percentage change in the price of Bond Dave = (854.66-1000)/1000 Percentage change hi the price of Bond Dave = -14.53%  

4 0
3 years ago
Delaney company is considering replacing equipment which originally cost $600,000 and which has $420,000 accumulated depreciatio
Gelneren [198K]
From the given original cost and the total accumulated depreciation of the old equipment, it can be seen that the value of the equipment should still be $180,000.
                            salvage value = $600,000 - $420,000 = $180,000
Given that it can be sold for only $18,000, the sunken cost is $162,000. 
                            sunken cost = $180,000 - $18,000 = $162,000
7 0
3 years ago
Product U23N has been considered a drag on profits at Jinkerson Corporation for some time and management is considering disconti
kipiarov [429]

Answer:

c. $(143,000)

Explanation:

The Jinkerson Corporation is considering to discontinue the product U23N. The advantage or disadvantage Jinkerson Corporation will get after the discontinuation of product U23N will be ;

Saving in Fixed manufacturing expense = $144,000

The new fixed manufacturing expense = $234,000 - $144,000 = $90,000

The new fixed selling and administrative expense = $161,000 - $93,000 = 68,000.

The company overall net income will decrease by $143,000.

5 0
3 years ago
What is the main hazard of liquid fuel tools
Rzqust [24]
Inhalation of chemicals
6 0
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