Ending Balance = Previous Balance + Deposits - Withdrawals is the mathematical formula that you would use to describe the financial activity on a bank statement.
In the Given Formula, the Previous Balance is the amount of money that you had in your bank account on the first date of the bank statement.
The term "Deposits" will include all the money that was deposited into your bank account. The term "Withdrawal" will include all the money that was taken out or withdrawn from your bank account.
At the end of the bank statement, the ending balance is shown which will include the previous balance and the difference between deposits and withdrawals.
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Answer:
Accrual shows face amount as revenue
revenue = $25,000
(12,000) (7/36)= $2,333 (regognized in 2017)
Total income reported in 2017 = $27,333
The next year she would show the remainder of 12,000 from 26 month contract
For tax purposes, max of 2 year deferral for payment recieved in advance.
Answer:
Since the debt has already been provided for by Debiting bad debt expense $42,400 and Crediting Allowance for doubtful debt $42,400, the entries required to write off the debt from Ramirez Company of $6,330 will be
Debit Allowance for doubtful debt $6,330
Credit Accounts receivable $6,330
Being entries to writeoff debt due Ramirez Company of $6,330
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.
