The allowance for uncollectible accounts is an example of a contra account, specifically, <em>to the Accounts Receivable account.</em>
In the general ledger, the contra account:
- reduces the main or related account's value
- preserves the main account's historical value
- nets the main or related account to its current book value.
- Examples of contra accounts are owner's drawings, accumulated depreciation, allowance for doubtful accounts, treasury stock, dividends, etc.
- The contra accounts usually have opposite balances to the main accounts. The contra account of an asset account has a credit balance while the contra account of a liability or equity account has a debit balance.
Thus, the Accounts Receivable's contra account is the Allowance for Uncollectible Accounts.
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Answer: Equipment Cr. $208,831.00
Explanation:
The Asset was purchased at a cost of $208,831.00 and this was reflected in the Equipment account.
When disposing of the Equipment therefore, the Equipment account has to be credited by a total amount corresponding to the same amount which is $208,831.00 to ensure that the asset will be removed from the Equipment account as it is no longer in the company.
Your credit score is used as indicator of your creditworthiness. This means how likely you are to pay off debts and other financial obligations. A person with a high credit score should have a high credit worthiness, or likelihood to be responsible with credit.
A person who pays bills on time has demonstrated that she takes her financial obligations seriously, and this trait positively affects her credit score. The answer is A.
B and C would most likely be associated with a person with a low credit score, since they demonstrate lower creditworthiness.
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Answer:
d $250,000; subtracted from
Explanation:
Sales of U.S. Treasury bills to the banking system by the Fed is a contractionary monetary policy that will reduce the money supply.
Based on the money supply multiplier, the amount of the reduction in money can be calculated as follows:
Amount of reduction in money supply = $25,000 / 10% = $250,000.
Therefore, if the banking system does NOT want to hold any excess reserves, <u>250,000</u> will be <u>substracted from</u> the money supply.
