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Klio2033 [76]
2 years ago
14

At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $654,000. Chan records it

s Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $327 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions.
Business
1 answer:
allsm [11]2 years ago
7 0

Answer and Explanation:

The journal entries are shown below:

On December 31

Bad debt expense Dr  $5,232      ($654,000 × 0.80%)

      To Allowance for doubtful debts  $5,232

(To record the bad debt expense)  

On Feb 01

Allowance for doubtful debts Dr $327

     To Account receivable $327

(To record the uncollectible amount)

On June 5

Account receivable $327

         To Allowance for doubtful debts Dr $327

 (To record the uncollectible amount)

On June 5

Cash Dr $327

  To Account receivable $327

(To record the cash received)

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Sweet Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction
Reika [66]

Answer:

$4,775,565.49

Explanation:

The computation of the selling price of the bond is shown below:

Particulars                  Amount PV factor 6%       Present value

Semi-annual interest $216,209 19.60044    $4,237,791.53

Principal                         $3,088,700     0.174110131  $537,773.96

Total                                                       $4,775,565.49

Working notes

Semi-annual interest $216,209 = $3,088,700 × 14% × 6 ÷ 12

PV factor 3%:    

Semi-annual interest 13.76483115      = {(1 - (1.06)^-30) ÷ 0.06 }

Principal 0.174110131  = {1 ÷ 1.03^30}

6 0
4 years ago
what was one argument made for the construction of the panama canal? responses it would result in lower tariffs on foreign goods
Aliun [14]

Based on a historical perspective the one argument made for the construction of the Panama Canal is that "<u>it would allow ships to move swiftly from the Atlantic and the pacific in the event of a war."</u>

<h3>The Construction of Panama Canal.</h3>

The construction of the Panama canal was done in 1914 and covers about 82 km of waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean and splits up North and South America.

The Panama Canal construction was essential for the political economy of the United States it cuts across the Isthmus of Panama which serves as a conduit for maritime trade.

There are various reasons or arguments for the construction of the Panama canal.

<h3>The reasons for building the Panama canal are</h3>
  • It would prevent warfare among competing countries
  • It would lessen the distance, cost, and time it took for ships to carry cargo between the Atlantic and the Pacific Oceans
  • It would eliminate the danger of earthquakes in Nicaragua.

Hence, in this case, it is concluded that the correct answer is "<u>it would allow ships to move swiftly from the Atlantic and the pacific in the event of a war."</u>

Learn more about Panama Canal here: brainly.com/question/26573102

#SPJ1

4 0
1 year ago
When making financial decisions, it is important that you critically evaluate the source.
svetoff [14.1K]
Hello,

Here is your answer:

The proper answer is option A "true". It is extremely important to find the source of the information because the source could not be verified (which means its giving false information).

Your answer is A.

If you need anymore help feel free to ask me!

Hope this helps!
7 0
3 years ago
Read 2 more answers
TRN sold $40,000, of goods and accepted the customer's $40,000 10%, 1-year note payable in exchange. Assuming 10% approximates t
drek231 [11]

Answer:

b. $2,000

Explanation:

The computation of the interest amount is shown below:

= Sale value of goods × rate of interest × (number of months ÷ total number of months in a year)

= $40,000 × 10% × (6 months ÷ 12 months)

= $2,000

The 6 months is calculated from June 30 to December 31.

So, the b option is correct and rest options are wrong.

6 0
3 years ago
Victoria's Closet, a manufacturer of bohemian-style clothing and accessories, sells its products through its online Web site, a
Rom4ik [11]

Answer:

Multichannel distribution system.

Explanation:

Multichannel distribution system is a method or structure in which a single company sets up two or more sales and marketing channels to reach one or more customer segments

3 0
3 years ago
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