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Ivanshal [37]
3 years ago
11

Leftown is a former guest who owes the Munchies Restaurant $750 for a banquet. Restaurant managers have determined that this deb

t is now uncollectible. If the restaurant uses the direct write-off method of accounting for bad debt expense, the journal entry to recognize this bad debt would be a debit to ___________ and a credit to _________________.
Business
1 answer:
shutvik [7]3 years ago
4 0

Answer:

debit: provision for doubtful accounts

credit: accounts receivable

Explanation:

Based on the information given in a situation where the restaurant make uses of the DIRECT WRITE-OFF METHOD of accounting for bad debt expense, the appropiate journal entry to recognize this bad debt would be a debit to PROVISION FOR DOUBTFUL ACCOUNTS and a credit to ACCOUNTS RECEIVABLE.

Debit Provision for doubtful accounts $750

Credit Accounts receivable $750

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On January 1, 20X1, Picture Company acquired 70 percent ownership of Seven Corporation at underlying book value. The fair value
Lady bird [3.3K]

Answer:

The amount of sales will be reported in the 20X1 consolidated income statement is $58,000

Explanation:

The computation of the amount of sales is shown below:

= Value of the entire inventory sold - purchased inventory + sale inventory

= $58,000 - $45,000 + $45,000

= $58,000

The purchased inventory + sale inventory would reflect the intra sales of the company which told that the sales are made within the company.

7 0
3 years ago
An investment firm recommends that a client invest in bonds rated​ AAA, A, and B. The average yield on AAA bonds is 4​%, on A bo
Sophie [7]

Answer:

let A = AAA bonds that yield 4%

let a = A bonds that yield 5%

let B = B bonds that yield 8%

A = 2B

A)

A + a + B = 28,000 (replace A with 2B)

0.04A + 0.05a + 0.08B = 1,460 (replace A with 2B)

2B + a + B = a + 3B = 28,000 ⇒ a = 28,000 - 3B

0.08B + 0.05a + 0.08B = 0.05a + 0.16B = 1,460 (replace a with 28,000 - 3B)

0.05(28,000 - 3B) + 0.16B = 1,400 - 0.15B + 0.16B =1,460

1,400 + 0.01B = 1,460

0.01B = 1,460 - 1,400 = 60

B = 60 / 0.01 = $6,000

A = $12,000

a = $28,000 - $6,000 - $12,000 = $10,000

AAA bonds = $12,000

A  bonds = $10,000

B bonds = $6,000

B)

A + a + B = 38,000 (replace A with 2B)

0.04A + 0.05a + 0.08B = 1,990 (replace A with 2B)

2B + a + B = a + 3B = 38,000 ⇒ a = 38,000 - 3B

0.08B + 0.05a + 0.08B = 0.05a + 0.16B = 1,990 (replace a with 28,000 - 3B)

0.05(38,000 - 3B) + 0.16B = 1,900 - 0.15B + 0.16B =1,990

1,900 + 0.01B = 1,990

0.01B = 1,990 - 1,900 = 90

B = 90 / 0.01 = $9,000

A = $18,000

a = $38,000 - $9,000 - $18,000 = $11,000

AAA bonds = $18,000

A  bonds = $11,000

B bonds = $9,000

3 0
2 years ago
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wolverine [178]

Answer:

fasho

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Explanation:

fasho fasho fasho

8 0
3 years ago
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Elastic demand means that consumers are sensitive to price and that increased prices can lead to lower sales. There isn't enough information to fully answer this question. We don't know how elastic the demand is. If the demand is only slightly elastic, the increased price and lower demand could still equal higher profits.

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