Answer:
$3,927
Explanation:
Bad debt expenses:
= Ending balance of allowance account + Write offs - Beginning balance of allowance account
= $11,944 + $9,191 - $17,208
= $3,927
<u> </u><u>Allowance for bad debt account</u>
Particulars Amount Particulars Amount
Write offs $11,944 By balance b/d (beginning) $17,208
To balance c/d (ending) <u>$9,191</u> Bad debt expense <u>$3,927</u>
Total $21,135 $21,135
Therefore, the amount of bad debts expense recognized for the year is $3,927.
Answer:
b. a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost.
Explanation:
LCM means lower of cost or market value. It is a rule under which the value of inventory is adjusted to lower of cost or market value. Also, it is a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost.
Hence, the correct option is <u>a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost</u>.
Answer:
Debit to Factory Overhead
Credit to Factory Utilities Payable
Explanation:
The journal entry to record the use of utilities in a factory is as follows:
Factory overhead Dr XXXXX
To Factory utilities payable XXXXX
(Being the utilities usage is recorded)
Here the factory overhead is debited as it increased the expenses and credited the factory utilities payable as it also increased the liabilities
So, the above represent the answer
