Answer:
debit Income Summary $12,000; credit Retained Earnings $12,000.
Explanation:
Based on the information given The entry to close Income Summary is:
Debit Income Summary $12,000
Credit Retained Earnings $12,000
(To close Income Summary)
Explanation:
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Answer:
Debit Bad debt expenses with 17,280; and Credit Allowance for Doubtful Accounts also with $17,280.
Explanation:
Bad expenses = ($284,000 × 7%) - $2,600 = $17,280
The adjusting will be as follows:
<u>Details Dr ($) Cr ($) </u>
Bad debt expenses 17,280
Allowance for Doubtful Accounts 17,280
<u><em>To record the amount estimated to be uncollectible </em></u>
Answer:
A. Equitable remedy
Explanation:
An equitable remedy is applied when there is a breach of contract and there is no legal remedy available to compensate the injured / affected party. i.e there is no financial compensation available to be given to the injured party.
When there is no financial or legal remedies to be given to the breached party, the court might order the contract to be re - written or order the party that breached the contract to perform all the action he/ she had promised in the previous contract
