Banks lend money from saving accounts to people who need loans
They are called fix income securities
Answer:
Debit : Allowance for doubtful debts = $2900
Credit : Accounts receivables = $2900
Explanation:
An account for allowance for doubtful debts is a contra account created, predicting that certain debtors will not be able to pay for the goods and services they purchased. This may be based on historical experiences. Doubtful debts aren’t officially uncollectible, it is simply an estimation made, but bad debts are, where you have officially written off a certain accounts receivable as uncollectible.
An allowance for doubtful debts is recorded in the balance sheet, directly under accounts receivables. Bad debts are recorded as an expense in the income statement. When there is an allowance for doubtful debts, the bad debts account is debited and the allowance for doubtful debts account is credited.
According to the question, the balance was $2,200 (Cr) in the allowance for doubtful debts account. The initial expected amount for allowance for doubtful debts was $5100 (Cr). This means that the difference was the amount that was declared as uncollectible and officially written off i.e. bad debts. Thus $2900 ($5100 -$2200) would have been confirmed as bad debts.
The entry to record the above transaction is:
Debit : Allowance for doubtful debts = $2900
Credit : Accounts receivables = $2900
Answer:
Explanation:
a. The journal entries are shown below:
Accounts receivable A/c Dr $410,000
To Sales revenue A/c $370,000
To Unearned service revenue A/c $40,000
(Being the sale is recorded)
Cost of goods sold A/c Dr $300,000
To Merchandise inventory A/c $300,000
(Being inventory is sold at cost)
b. The recognized revenue would be
Sales revenue $370,000
Service revenue $20,000
Total revenue $390,000
The service revenue would be
= $40,000 × 3 months ÷ 6 months
= $20,000
And, the 3 months is computed from January 2 to March 31
Answer:
resource acquisition
Explanation:
Based on the scenario being described it can be said that the argument for diversity best demonstrated by intel's actions would be resource acquisition. This is when a company focuses on obtaining the right resources needed to accomplish the goals and needs of a project. Which in this case are talented individuals who happen to be minority workers.
