Answer:
The estimated Bad Debt Expense for the period is $13,600
Explanation:
Quill Industries estimates of uncollectible receivables resulting from the aging analysis equals $20,000. The company uses the aging of accounts receivable method and the Allowance for Doubtful Accounts has credit balance of $6,400 before adjusting.
Bad debt Expense = $20,000 - $6,400 = $13,600
The entry:
Debit Bad debts expense $13,600
Credit Allowance for doubtful accounts $13,600
Answer:
It's Data Manipulation Language (DML) !!
Hope It Helps.
Based on the information given, the researcher should proceed by finding the root cause of the problem.
From the complete question, the purpose of the study will simply be to find the be root cause of the problem firstly.
Also, the time horizon of the study should be taken into consideration. Furthermore, the research strategy that'll be applied in this case should be analyzed.
Learn more about research on:
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Answer:
Journal Entries on May 3:
a. Debit Prepaid Insurance $16,000
Credit Insurance Expense $16,000
To reverse the error.
Debit Insurance Expense $16,000
Credit Cash Account $16,000
To correct the error.
b. Debit Drawings $9,600
Credit Wages Expense $9,600
To correct the error.
Explanation:
a) Data:
1. Insurance expense credited to Prepaid Insurance, instead of Cash account = $16,000
2. Drawings by Brian Phillips, the owner of the business recorded as Wages Expense.
b) The journal can also be used to correct errors in posting transactions. The process can involve first reversing the error and then correcting it, as done with case (a). This will involve using two entries. It can also involve simply involve correcting the error without reversion, as done with case (b).
Answer:
15 years
Explanation:
Use the FV formula to calculate the total duration;
Future value ; FV= 52,421
Present value; PV = 19,000
Interest rate ; r = 7% of 0.07 as a decimal
Total duration ; t = ?
Divide both sides by 19,000;
Introduce logarithm on both sides;
㏑2.759 = t㏑1.07
Divide both sides by ㏑1.07 to solve for t;
㏑2.759 / ㏑1.07 = t
t = 14.9998
Therefore, it will take 15 years