1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Shkiper50 [21]
3 years ago
12

If Modern Company received $3,650 from Connor Young Company on March 12 for the total amount of an account which had been writte

n off on March 1, the entry to reinstate the account under the allowance method would include
Business
1 answer:
joja [24]3 years ago
3 0

Answer:

Please post the full question together next time.

If Modern Company received $3,650 from Connor Young Company on March 12 for the total amount of an account that had been written off on March 1, the entry to reinstate the account under the direct write-off method would include:______.

a. a debit to Allowance for Doubtful Accounts of $3,650.

b. is the same as it would be under the allowance method.

c. includes a credit to Bad Debt Expense of $3,650.

d. includes a credit to Cash of $3,650.  

Explanation:

Under the direct write-off method ,

the journal entry is Bad debt expense A/c Dr XXXXX      

To Account receivable A/c XXXXX

(Being the bad debt expense is recorded)

For recording this journal entry,  we Debited the  bad debt expense and credited the account receivable

This is the answer. Hence, all the given options are incorrect  

You might be interested in
Todd leaves his babysitter, Zach, a voice mail message saying, "I need someone to watch little Joey and Hilary on Friday night.
Harman [31]

Answer:

No, because silence under these circumstances will not constitute acceptance.

6 0
3 years ago
Of the three major environments in a situation analysis (internal, customer, external), which do you think is the most important
kicyunya [14]
External. just like humans the goal is to reach the internal area of the female and reproduce. but only if the external is good enough.
6 0
4 years ago
North Dakota Corporation began operations in January 2017 and purchased a machine for $15,000. North Dakota uses straight-line d
taurus [48]

...

Answer: Income tax 2017

$

Account income $145,000

Add depreciation 3750

Less capital allowance 7500

Balance. $141250

Tax. 42,375

North Dakota journal $

Dec 2017

Profit after tax Dr 42375

Cash CR. 42375

Tax payment for the year

5 0
3 years ago
Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. The company purchased office supplies for
lisov135 [29]

Answer:

Accounts                                                                 Debit($)       Credit($)

Cash                                                                            10,750

Common Stock                                                                                10,750

<u>Being cash invested for common stock</u>

<u> in the business</u>

Office Supplies                                                           312

Cash                                                                                                  312

<u>Being office supplies purchased with cash</u>

Office Equipment                                                       5,945

Account Payable                                                                            5,945

<u>Being office equipment purchased on credit</u>

Cash                                                                             1,268

Fees Earned                                                                                     1,268

<u>Being cash received on service rendered </u>

<u>to a customer</u>

Account Payable                                                       5,945

Cash                                                                                                5,945

<u>Being settlement of amount owned for </u>

<u>office equipment</u>

Account receivable                                                   2,279

Fees Earned                                                                                    2,279

<u>Being recognition of amount owned </u>

<u>by customer</u>

Rent Expense                                                           525

Cash                                                                                                 525

<u>Being cash paid for rent</u>

Cash                                                                         957

Account Receivable                                                                       927

<u>Being cash collected for account receivable</u>

Dividend                                                                   900

Cash                                                                                             900

<u>Being dividend paid with cash</u>

Explanation:

Journal entry entries are used to record accounting effect of business transactions. General journal has two sides that make up debit and credit.

Entries on the debit side are assets or expenses while entries on the credit sides are liabilities, equity and income.

Journal also has a narration for each accounting event to provide information about the entry.

5 0
3 years ago
Before the development of money as a medium, goods and services were exchanged through a ________ system.
igomit [66]
Goods and services were exchanged through a BARTER SYSTEM. Barter is a system in which goods and services are exchanged for other goods and services without using any medium of exchange such as money. Reciprocal exchange is often immediate and not delayed.
6 0
3 years ago
Other questions:
  • What is the main international test of reading given to students?
    7·1 answer
  • According to your textbook, a 1998 study of price variation found that what percentage of all the goods and services the US econ
    10·1 answer
  • Why should firms with promising investment opportunities strive to maintain a conservative capital structure, i.e., limited leve
    8·1 answer
  • Suppose that the market for haircuts in a community is perfectly competitive and that the market is initially in long-run equili
    8·1 answer
  • 10 points...........​
    9·2 answers
  • In Drosophila melanogaster, the gene for eye color is located on the X chromosome. The allele for red eye color (Xw+) is dominan
    13·1 answer
  • The following income statement was produced when volume of sales was at 400 units. Sales Revenue $ 1,600 Variable Cost 700 Contr
    10·1 answer
  • JBS Inc. recently reported net income of $4,750 and depreciation of $885. How much was its net cash provided (used) by operation
    9·1 answer
  • Required information PA6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-5] [The follow
    5·1 answer
  • A major equipment purchase is being considered Metro Atlanta. The initial cost is determined to be $1,000,000. It is estimated t
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!