Answer and Explanation:
The journal entry to record the given transaction as follows:
Uncollectible account expense or bad debt Dr $5,670
To Account receivable $5,670
(being uncollectible account expense is recorded)
Here the expense is debited as it increased the expenses and credited the account receivable as it decreased the asset
C.prepare a list of ledger accounts used in the business
b.balance the ledger accounts
a.total the debit column of the trial balance and then total the credit column of the trial balance
d.transfer.the ledger accounts To a trial balance or list the balance account. if the ledger account shows a debit,balance the debit side of the trial balance.if the ledger account shows a credit,balance the credit side of the trial balance.
Answer:
€1.54/$1.00
Explanation:
When the bond sells at par, the implicit €/$ exchange rate pays €651.25 at maturity per €1000
651.25/1000= 1/x
Cross multiply
651.25x = 1000
x= 1000/651.25
x= 1.54
Hence the implicit exchange rate is €1.54/$1.00
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The answer would be 187.50
250 $ for 20 friends would be $12.50 per friend. So, 12.5 x 15 = $187.50
