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ikadub [295]
3 years ago
15

Metlock has been in business several years. At the end of the current year, the unadjusted trial balance shows: Accounts Receiva

ble $300,000 Dr. Sales Revenue 2,321,700 Cr. Allowance for Doubtful Accounts 5,355 Cr. Bad debts are estimated to be 8% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Vesnalui [34]3 years ago
7 0

Answer:

the answer is given below;

Explanation:

Allowance for Doubtful Accounts-opening             ($5,355)

Allowance for doubtful accounts-closing    ($300,000*8%) $24,000    

Bad Debt Expense                                                          $18,645

Bad Debt Expense Dr.$18,645

Allowance for Doubtful Accounts Cr.$18,645

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6 0
2 years ago
Having a good credit history impacts every one of these o teams but one.Which is the one item not impacted by good credit histor
Archy [21]
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6 0
3 years ago
Which of the following factors does not affect the initial market price of a stock?
MissTica

Answer:

The correct answer is (C)

Explanation:

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7 0
2 years ago
1a. Suppose that, if their income rises by $100, all households in Normalia raise their spending by $80.
Mila [183]

Answer:

0.2

0.8

40

2

2000

Explanation:

Marginal propensity to consume is the proportion of disposable income that is spent on consumption

Marginal propensity to consume = amount consumed / disposable income

Marginal propensity to save is the proportion of disposable income that is saved

Marginal propensity to save = amount saved / disposable income

MPC + MPS = 1

4 0
2 years ago
Marcy owns the company Caps for Kids and sells her hand-knitted caps for $20 each. The variable cost per cap created is $10, and
iragen [17]
At breakeven point, the cost is equal to the revenue. This also means that the net profit is equal to zero. If we let x be the number of units sold or produced, the total costs and revenue are calculated as follows:

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Equation both,
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The value of x from the equation is 1000.

Answer: 1000
3 0
2 years ago
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