The most likely scenario in which someone would take out a short-term loan with a bank is to pay for credit card debt. The short-term loan has less than one year period to be repaid and this loan is usually taken by someone if there is a temporary problem with their cash flow. This loan can also be taken by a company to fulfill their working capital for increasing its sales.
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.
<span>Is what we call the stock of goods that a business or store has on hand? Inventory. Inventory and inventory management is so important when it comes to running a business with goods for purchase. The business needs to make sure they have enough supply on hand for the amount of demand that consumers have for the product. Usually there is an inventory management team that keeps track of how the products are staying in stock and when reordering needs to happen. </span>
Answer:
Following are the journal entries to this question:
Explanation:
Date account title Dr. Cr.
Mar.2 Incorporation expense 
Common Stock (Par value
) 
Paid in excess of par- Common Stock 
(Bein 5000 common shares Of par value 
each issued )
June. 12 Cash 
Common Stock (Par value 
) 
Paid in excess of par- common stock 
(Being 63400 common shares of par value 
each issued for 
cash)
July-11 cash 
Preferred Stock (Par value 
) 
Paid in excess of par- Preferred stock 
(Being 2175 Prefered shares of par value 
each issued for 
each)
Nov. 28 Treasury Stock 
cash
(Purchased 2,350 shares of treasury stock for
).
Answer:
Sample Budget
Salary Income $2515
Rent expense -$900
Food and groceries -$250
Entertainment expense -$85
Shopping -$45
Birthday Party gift -$12
Transportation expense -$150
Home maintenance cost -$320
Tuition cost -$121
Net savings = $632
Explanation:
The mid aged person who is age of 25 to 30 will have different expenses. He will have to budget his monthly income and routine expenses to identify the savings. The sample budget will include different types of household expenses that a person incurs to live. He might have to budget one off expenses such as party cost, gifts etc. He will have to keep track of groceries and food expenses.
