Answer:The needed funds/money will be transferred automatically from their savings account.
Explanation: A bad check is a that is whose payment is taking from an account not existing or an account with less amount considering the amount required to pay the check. Since Jack and Jill have an automatic funds transfer agreement with their bank, generally funds will be transferred automatically from their savings account with the bank.
It is better Jack and Jill start to know their account balance and take adequate steps to tract it in order to avoid Issuing BAD CHECK.
Answer:
(1) (i) 9.16 times
(ii) 39.845 days
(2) Yes
Explanation:
1. Net credit sales = 35,497
Average net receivables = (3,391 + 4,359) ÷ 2
= 3,875
So,
Receivables turnover ratio = Sales revenue (2022) ÷ Average net receivables
= 35,497 ÷ 3,875
= 9.16 times
However I don't know how they got the net receivables figure, because:
Gross receivable - ADA = net receivable,
but it doesn't work out like this above, so since the net receivable is given, I just used it as given.
Average collection period = 365 days ÷ Receivables turnover
= 365 ÷ 9.16
= 39.845 days
2. In order for something to be "material" it must be important.
Accounts Receivable are part of current assets and they are very important, so the answer is yes.
Are we suposed to fill in the blank??
Answer:
c. debit to Bad Debts Expense for $6,900.
Explanation:
Allowance for Doubtful Accounts $1,100 credit balance,
Estimated Un collectibles $8000 credit
Required Adjustment $ 6900 credit
The adjustment to record bad debts for the period will require a
c. debit to Bad Debts Expense for $6,900.
Bad Debt Expense $ 6900 Dr
Allowance for Doubtful Accounts $ 6900 Cr
Alternatively if the allowance account had a debit balance the entry would have been posted adding the two amounts.
Answer: Easement by necessity
Explanation: In law Easement by necessity occurs when a land owner is asked by law to sacrifice parts of his land for road, so as to allow another person to gain access to his own land that was originally inaccessible.
This was the easement gained by person A in the question given.
