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
jok3333 [9.3K]
3 years ago
13

On January 1, Wei company begins the accounting period with a $35,000 credit balance in Allowance for Doubtful Accounts. On Febr

uary 1, the company determined that $7,800 in customer accounts was uncollectible; specifically, $1,400 for Oakley Co. and $6,400 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $1,400 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.
Business
1 answer:
Genrish500 [490]3 years ago
7 0

Answer:

Wei Company

Journal Entry:

Debit Allowance for Doubtful Accounts $7,800

Credit Accounts Receivable $7,800

To write-off accounts determined to be uncollectible.

Explanation:

a) Data and Calculations:

Allowance for Doubtful Accounts (Balance) = $35,000

Uncollectible accounts:

Oakley Co. $1,400

Brookes Co. $6,400

Total = $7,800

b) The amount of $7,800 considered to be uncollectible is written off against the Accounts Receivable.  This reduces the Accounts Receivable while correspondingly increasing the Allowance for Doubtful Accounts.

You might be interested in
Breezeless Company produces doors and window frames. It generates profit at $2.00 per door and $1.00 per window frame. Manufactu
nevsk [136]
So all you do it go to the answer key a question like that
6 0
3 years ago
Drafi Arts Corp. makes and sells original handicraft products. The management of the company has been successfully using a niche
Lerok [7]

Answer:

It only serves a limited geographic market.

Explanation:

In this regard, it can be said that the company Drafi Arts Corp serves a limited geographic market, because it is a company that has been using a successful niche market strategy for years, which means that it manages to meet a demand for handicrafts from location, which sets up its strategy to serve a specific market.

4 0
3 years ago
What ethical standard is being violated when you tell a friend that the company you work for is going to report lower than expec
zhenek [66]

Answer:

Confidentiality

Explanation:

The Ethical standard of Confidentiality is one that demands an individual keeps information about a person or company out of public knowledge. It means that any information you have about a client or company that you work for is strictly meant to be between you and the company; no third parties. Information such as health details, company earnings, therapy session details, etc are examples of information meant to be kept confidential. A failure to keep confidentiality can result in legal action being taken against the erring individual.

Cheers

4 0
3 years ago
Which step in the product development process involves announcing a new
Scorpion4ik [409]

Answer:

D

Explanation:

announcing the product takes place in the commercialization and launch of the product

5 0
3 years ago
Superior has provided the following information for its recent year of operation:
Anika [276]

Answer:

Option (a) is correct.

Explanation:

Given that,

Beginning balance of Retained Earnings = $75,000

Net income = $26,000

Ending retained earnings = $91,000

Total Balance during the year:

= Beginning balance of Retained Earnings + Net income

= $75,000 + $26,000

= $101,000

Dividend declared:

= Total Balance during the year - Ending retained earnings

= $101,000 - $91,000

= $10,000

Therefore, the amount of dividend declared by the Superior during its recent year of operation is $10,000.

3 0
3 years ago
Other questions:
  • Milton Friedman argues that businesses:
    8·1 answer
  • What is the standard for the protection of free speech guaranteed by the First Amendment?
    15·1 answer
  • How can you change your name
    15·2 answers
  • Carrie works at a canned food production factory. The government wanted to give a boost to the salt industry, so it lined up num
    10·1 answer
  • Laura received a grant that will pay for 30% of her annual estimated tuition and a scholarship that will pay for her books. What
    8·2 answers
  • When managing your human resources, _____________ is the process of deciding who should be hired, under legal guidelines, to ser
    14·1 answer
  • It is based on perceived characteristics such as style, fashion or peer acceptance.
    12·1 answer
  • The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business r
    5·1 answer
  • John and Diana have been married for several years and share a goal of owning a 2nd home on the New Jersey shore in 8 years. The
    15·1 answer
  • Which type of savings account offers the best interest rates?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!