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Sever21 [200]
3 years ago
8

Ryan's Express has total credit sales for the year of $189,000 and estimates that 3% of its credit sales will be uncollectible.

Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment:
a. Allowance for Doubtful Accounts has a credit balance of $925.
b. Allowance for Doubtful Accounts has a debit balance of $385.
Business
1 answer:
VikaD [51]3 years ago
8 0

Answer:

a. Date  Account title                             Debit    Credit

              Bad debt expenses                 $4,745

              (3%*189,000 - $925)

                     Allowance for doubtful account    $4,745                

              (To record the adjusting entry)

a. Date  Account title                             Debit    Credit

              Bad debt expenses                 $1,505

              (3%*189,000 - $385)

                     Allowance for doubtful account    $1,505                

              (To record the adjusting entry)

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Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,920 and two j
Tanya [424]

Answer:

job 429 -WIP      3040 debit

job 430 -WIP      4020 debit

job 431 -WIP       4740 debit

factory overhead 900 debit

     raw materials             12,700 credit

--to record materials requisions--

job 429 -WIP      2,300 debit

job 430 -WIP      3,400 debit

job 431 -WIP       7,900 debit

factory overhead 1,310 debit

     wages payables            14,910 credit

--to record wages tickets--

job 429 -WIP      1,426 debit

job 430 -WIP      2,046 debit

job 431 -WIP       4,898 debit

     factory overhead            8,370 credit

--to record applied overhead--

Explanation:

job 429 -WIP:  2300 x 62% =  1,426

job 430 -WIP:  3400 x 62% = 2,046

job 431  -WIP:  7900 x 62% = 4,898

total overhead: 8,370

7 0
3 years ago
The lifetime effects of lost wages, benefits, and social security contributions that come with taking time out of the workforce
Anestetic [448]

The lifetime effects of lost wages, benefits, and social security contributions that accompanies taking time out of the workforce to raise children is called the <u>mommy tax</u>.

<h3>What is a mommy tax?</h3>

A mommy tax is a terminology which was coined by the author Crittenden and it can be defined as the lifetime effects of lost wages, benefits, and social security contributions that a woman experiences by taking time out of the workforce to raise her children.

This ultimately implies that, a mommy tax is used to connote the motherhood penalty which is characterized by severe wage and hiring disadvantages for a woman in the workplace when taking time to raise children.

Read more on mommy tax here: brainly.com/question/1166652

8 0
2 years ago
State the following statement is True or False, and explain why. Thor who lives in Montana purchased a car produced in Japan for
Likurg_2 [28]

Answer:

false

His purchase left GDP unchanged

Consumption of non durables would increase.

Also, net export would decrease.

these effects would cancel out

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

3 0
2 years ago
Government purchases are spending by the government on​ goods, services, and factors of production. Government expenditures repr
Law Incorporation [45]

Answer: A. there has been a major increase in the amount of transfer payments the government makes through programs such as Social Security and unemployment insurance.

Explanation:

Since the 1950s, the US government budget for Transfer Payments to Social Security Programs and Unemployment benefits has increased tremendously.

The main transfer payments are Disability and Pension/ Retirement payments and they have been on the rise since the 50s.

These Transfer Payments are both a show of Humanitarianism as well as a form of Economic Investment as they help stimulate the Economy during times or Economic Distress by pouring money into it.

A typical example would be the $1,200 that Congress voted to provide direct cash payments of which totaled around $250 billion in March this year to help Americans who were hit hard by the lockdowns that have crippled much of the American economy.

6 0
3 years ago
Which fast food chain did forrest and leroy raffel start in 1964?
Nikitich [7]

They started Arby's. Thank you for coming to brainly and I hope I was able to answer your question.

3 0
3 years ago
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