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Mila [183]
3 years ago
5

Kennedy Company uses the balance sheet approach in estimating uncollectible accounts expense. The company prepares an adjusting

entry to recognize this expense at the end of each month. During the month of July, the company wrote-off a $5,200 receivable and made no recoveries of previous write-offs. Following the adjusting entry for July, the credit balance in the Allowance for Doubtful Accounts was $4,300 larger than it was on July 1. What amount of uncollectible account expense was recorded for July?
Business
1 answer:
s2008m [1.1K]3 years ago
3 0

Answer:

The amount of uncollectible account expense was recorded for July was $9,500

Explanation:

According to the given data we have the following:

Accounts written off amount=$5,200

Increase in Allowance for Doubtful Accounts=$4,300

Therefore, in order to calculate the  amount of uncollectible account expense was recorded for July we would have to make the following calculation:

Uncollectible accounts expense for July= Accounts written off+ Increase in Allowance for Doubtful Accounts

Uncollectible accounts expense for July= $5,200+$4,300

Uncollectible accounts expense for July=$9,500

The amount of uncollectible account expense was recorded for July was $9,500

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<h3>Further Explanation</h3>

the Hecksher-Ohlin theory

This theory is based around the idea that countries should export goods or labor that they are the most efficient at producing. This efficiency also means that they should be able to easily turn a profit on these goods or services. Examples would be a country who has a great deal of oil reserves but not enough agriculture. The country would export its oil to then import agricultural products.

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This doctrine is in full support of domestic goods. The government regulates trade in such a way that promotes domestic goods over imports. Imported goods are heavily regulated through tariffs, while domestic goods are heavily protected.

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<h3>Answer Details</h3>

Level: College

Subject: Business

<h3>Keywords</h3>

the Heckscher-Ohlin theory, the mercantilist doctrine, the product life-cycle theory, the theory of absolute advantage.

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