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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  

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The idea of _____ is a form of innovation that constantly seeks ways to improve business processes and add value to products and
Slav-nsk [51]

Answer:

The answer is Continual Improvement Process

Explanation:

Continual Improvement Process involve the action(s) undertaken by businesses to improve their goods, services or method of operations.

Simply put, it is the policy in a workplace that seeks to improve the way things are done on a day-to-day basis.

Continual improvement process is important in business, in that it makes the business owner(s) or employees think about the problems that affect them and formulate solutions to these problems. This will therefore increase efficiency in business.    

7 0
3 years ago
A company normally sells its product for $20 per unit. However, the selling price has fallen to $15 per unit. This company's cur
nata0808 [166]

Answer:

$200 (a deduction)

Explanation:

The accounting standard for inventories IAS 2 requires that inventory be carried at the lower of cost or net realizable value. Inventory will initially be recognized at the cost ( which includes the cost of the item and other associated cost such as freight ). However, its carrying amount must be reviewed to ensure it is not higher than the realizable value.

Given that the selling price is now $15 which is lower than the cost of $16, it means that the amount that can be realized from the sale of a unit is $15.

= $16 - $15

= $1

As such, an adjustment in form of a reduction of the carrying amount of $1 per unit is required. The amount of the lower cost of market adjustment the company must make as a result of this decline in value

= $1 × 200 units

= $200 (a deduction)

8 0
2 years ago
the results of a search to find the least expensive round-trip flights to atlanta and salt lake city from 14 major u.s. cities a
sasho [114]
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8 0
3 years ago
Business-level strategy focuses primarily on a. which markets to enter and how to use the firm's money, people, and physical fac
Mrrafil [7]

Answer:

The answer is: B) the areas in which the firm may have an advantage and how much various organizational parts enhance each other.

Explanation:

Business level strategy deals with the business's position in the market relative to its competition and the forces of competition. This is why it focuses on the business's core competencies and how its customers's needs are satisfied. Stronger core competencies equal greater consumer satisfaction which equals larger profit.

3 0
3 years ago
Embree Corp. purchased a four-year insurance policy on May 1, Year 2, for $12,000, effective immediately. The company expensed t
BlackZzzverrR [31]

Answer:

a. Debit to Prepaid Insurance of $10,000

* Option for this question was missing so I have attached a similar question with this answer and answered accordingly.

Explanation:

Insurance purchased for four years was actually prepaid insurance on May 1, Year 2.

The company expensed all amount by positing following entry ( which is a wrong entry)

DR.   Insurance Expense  $12,000

Cr.    Cash                          $12,000

It should be entered as follow:

DR.   Prepaid Insurance   $12,000

Cr.    Cash                          $12,000

At the end of the year 2 8 months has been passed for which $2,000 is accrued and it will be recorded, as all the amount is charged to the expense account we will adjusted the remaining amount of $10,000 to correct this mistake.

Now at the end of year 2 the correct entry which will settle the expense and prepaid insurance as well is as follow.

DR.   Prepaid Insurance   $10,000

Cr.    Insurance Expense  $10,000

6 0
3 years ago
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