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
Anna71 [15]
3 years ago
7

On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On

Jan 15 in the next year, a check in the amount of $600 was unexpectedly received from this customer. Management does not expect any future collections from this customer. The company uses the direct write-off method to account for its uncollectible accounts.
Prepare the necessary journal entry on January 15 to record the events by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns.
Prepare two separate journal entries. The first journal entry is to record the reinstatement of the account receivable and the second is to record the receipt of cash.
View transaction list
Journal entry worksheet
< 1 2 >
Prepare the journal entry to record the reinstatement of the account receivable
Business
1 answer:
mario62 [17]3 years ago
5 0

Answer:

a. Journal entries to record the reinstatement of the account receivable

Account Title and Description                           Debit     Credit

Account receivable account                                $600

       Allowance for Doubtful Accounts account                $600

(Reinstatement of the account receivable)

b. Journal entries to record the receipt of cash

Account Title and Description             Debit     Credit

Bank Account                                        $600

        Account receivable account                        $600

(Receipt of cash)

You might be interested in
Locking a cell so that others cannot alter its contents is known as _____.
Readme [11.4K]
I would say the correct answer is cell protection. It is when you prevent others to edit or change the contents of certain cells in a sheet. In doing this, you first unlock all cells. Then, select the cells you want to lock then select the option to lock them. Hope this helped.
8 0
3 years ago
What impact did the rise of the middle class in the late nineteenth century have on the demand for consumer goods?
RoseWind [281]

Answer:

The middle class created a high and sustained demand  for consumer goods

Explanation:

Before the advent of the industrial revolution, the social stratification of society is such that either you are in the lower class of the poor or you are  part of the rich in the upper class. The industrial revolution of late 18th and early 19th centuries saw the springing up from the lower class a new set of wealthy and educated individuals which were later termed the middle class

This reach men and women are able to buy goods needed to satisfy their newly found social status which boost demand for new and quality goods produced as a result of industrial revolution.

7 0
3 years ago
Assume that Jose is indifferent between investing in a corporate bond that pays 10 percent interest and a stock with no growth p
ddd [48]

Answer:

e. None of these.

Explanation:

Step 1. Given information.

Taxable Dividend Yield = 9.7%

Tax rate on Dividend yield=15%

Interest rate=10%

Let Tax rate on Interest=X

Step 2. Formulas needed to solve the exercise.

Interest rate * (1 - x) = taxable dividend yield ( 1 - tax rate on dividend yield)

Step 3. Calculation.

0.10*(1-x)=0.097*(1-0.15)

0.10-0.10x=0.08245

0.10x=0.01755

x=0.01755/0.10

=0.1755

=17.55%

Step 4. Solution.

e. None of these.

7 0
3 years ago
On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What amount
xz_007 [3.2K]

Answer: The answer is 337,5

Explanation:  

First step: The insurance policy was paid for 3 years, we have to know how many months there are in 3 years. We calculate (3 years x 12 months = 36 Months). Then the insurance policy was paid for 36 months.

Second step: The amount paid was $ 1350. We have to know how much corresponds to each month. We calculate (1350/36 months = 37.5 each month)

Third step: We must count the months from April 1 to December 31. It's 9 months.

Fourth step: Multiply the amount of each month by the number of months between April and December (9). We calculate (37.5 x 9 = 337.5)

I hope you find it useful.

5 0
3 years ago
A type of coverage with a small face amount, typically purchased to pay the burial expenses of the insured, is called a(n) _____
Katarina [22]

Correct Question: A type of coverage with a small face amount, typically purchased to pay the burial expenses of the insured, is called a(n) _________ plan:

A. Family

B. Industrial

C. Interment

D. Annuity

Answer:

B. Industrial

Explanation:

Also called a pre need insurance, industrial insurance is the type of insurance that is procured to take care of future occurrence such as burial.

7 0
3 years ago
Other questions:
  • The product development team of a company conducts a meeting to discuss the worthiness of launching a new product in the market.
    13·1 answer
  • A certain stock has a beta of 1.45. If the risk-free rate of return is 5 percent and the market risk premium is 8.5 percent, wha
    8·1 answer
  • Suppose you deposit ​$2 comma 5002,500 cash into your checking account. By how much will checking deposits in the banking system
    14·1 answer
  • The trend line estimates that the price was $432 in November 2007 and $80 in September 2011. (That is an interval of 46 months.)
    10·1 answer
  • Ecker Company reports $1,925,000 of net income for 2017 and declares $269,500 of cash dividends on its preferred stock for 2017.
    11·1 answer
  • Which of the following is NOT one the responsibilities of the the Federal Reserve
    11·2 answers
  • Randa is trying to lower the vacancy rates for the commercial property she manages because her revenue targets will increase by
    6·1 answer
  • Nuclear Inc. just paid a $2.75 dividend. Dividends are expected to grow by 30% in year 1, by 25% in year 2, and by 25% in year 3
    11·1 answer
  • One of the ways governments control capital inflows and outflows is by:
    10·1 answer
  • Rural to urban migration is common but keeping a foothold in one’s rural residence is known as:______.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!