Answer:
Option (B) is correct.
Explanation:
Amount of which adjusting entry required:
= Amount of uncollectible accounts - Balance in Allowance for uncollectible accounts
= (Balance in accounts receivable × Estimated percentage of accounts receivable to be uncollectible) - Balance in Allowance for uncollectible accounts
= ($200,000 × 4%) - $2,000
= $8,000 - $2,000
= $6,000
Therefore, the adjusting entry is as follows:
Bad debt expense A/c Dr. $6,000
To Allowance for uncollectible accounts $6,000
(To record the bad debt expense)
Answer:
$50
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
If I decide to go to the game, I forgot the opportunity of selling the ticket for $50 which is the next best use of the ticket.
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Answer:
switch away from growing soy beans and growing corn
Explanation:
if the price of corn increases,it would be an incentive for farmers to increase their production of corn so as to increase their profits.
Answer:
Gabbie is in the Information Search phase of the consumer decision process. This is the second phase.
Explanation:
The Consumer Decision Process is a situation in which a consumer passes through the phases listed below in order to make a final purchase decision.
1. The first phase where the consumer recognizes a need they have to fulfil.
2. The second phase in which Information search is carried out in order to determine how best to meet this need.
3. The third phase which Alternative Evaluation phase. Here, the consumer evaluates each medium that can fulfil their needs.
4. The fourth phase, which is the decision making phase. Here, the consumer makes their purchase decision based on the evaluation of alternatives in the previous phase.
