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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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Which of the following services will be provided by a full-service broker but not by a discount broker?
Triss [41]

Answer:

a. l and III

Explanation:

A full service brokers are the types of brokers that will conduct the trade of securities on the behalf of their clients.

Their services typically provided for investors who do not have enough knowledge in economics to be involved in trading. So, they prefers a hands off approach and let other people to manage their portfolio.

Because of this, the clients of do not have the ability to purchase or sell a certain stock at request. They have to rely on the brokers to handle the complex issues within investing activities and trust them completely.

7 0
3 years ago
Rick has been distressed over a long period of time. He has had problems coping with life and relating to people. In addition, h
Andre45 [30]

Answer:

personal distress, maladaptive behaviour, and deviance

Explanation:

Rick meets all the criteria's of abnormality which includes deviance, personal distress and maladaptive behaviour. He has problems while communicating with people and to maintain healthy relationships which are signs of personal distress. Deviance is also a problem which occurred because of certain group of people who made fun of his appearance. He certainly meets many criteria of abnormality.

5 0
3 years ago
If the supply curve and the demand curve for lettuce both shift to the left by an equal amount, what can we say about the result
Anna [14]

Answer:

d. The price will stay the same, but the quantity will increase.

Explanation:

When the demand and supply both fall, the equilibrium quantity will definately fall but the price will remain the same. The new supply adapts to the reduction of the demand.

6 0
3 years ago
On March 31, 2018, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed
garik1379 [7]

Answer:

None of the above options are correct

Depletion amount in 2019 = $52.480

Explanation:

The Cost of Quarry (Depletion Base ) = $164000

Estimated Salable Rock (Units Extracted) = 20000 tons

Depletion Rate = Depletion Base /Units Extracted

Depletion Rate for 2018 = 164000/ 20000 = $8.2/ton

Units Extracted in 2018 = 4000 tons

Depletion amount in 2018 = Depletion Rate for 2018 *Units Extracted in 2018

Depletion amount in 2018 = $(8.2*4000) = $32800

In 2019

Depletion Base in 2019 = The Cost of Quarry - Depletion amount in 2018 = 164000-32800 = $131200

Estimated Salable Rock in 2019 (Units Extracted) = 20000 tons

Depletion Rate for 2019 = 131200/ 20000 = $6.56/ton

Units Extracted in 2019 = 8000 tons

Depletion amount in 2019 = $(6.56*8000) = $52480

4 0
3 years ago
A firm is producing 24 units of output. At the 24th unit of output, marginal revenue is $5, and marginal cost is $4; at the 25th
agasfer [191]

Answer:

False.

Explanation:

(1) Units produced = 24 units of output

At the 24th unit of output,

Marginal revenue = $5

Marginal cost = $4

MR ≠ MC

At the 25th unit of output,

Marginal revenue = $4.50

Marginal cost = $4.50

MR = MC

At the 26th unit of output,

Marginal revenue = $4

Marginal cost = $5

MR ≠ MC

A firm maximizes its profit at a point where the marginal revenue is equal to the marginal cost i.e. MR = MC.

It is clear from the above scenario that this firm doesn't stop at 24 units of output because at this point of production profit maximizing condition is not fulfilled which means MR ≠ MC.

This firm should stopped at 25 units of output where marginal revenue is equal to the marginal cost from the 25th unit of output.

6 0
3 years ago
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