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harina [27]
2 years ago
11

Exercise 8-7 At December 31, 2018, Concord Corporation Company had a credit balance of $18,800 in Allowance for Doubtful Account

s. During 2019, Concord Corporation wrote off accounts totaling $13,500. One of those accounts ($3,500) was later collected. At December 31, 2019, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $30,700. Prepare journal entries to record the 2019 transactions of Concord Corporation Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Marina86 [1]2 years ago
8 0

Answer:

Dr Allowance $13,500

Cr Accounts Recivable $13,500

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

Dr Cash $3,500

Cr Accounts Rec $3,500

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

Explanation:

Preparation of the journal entries to record the 2019 transactions of Concord Corporation Company

Dr Allowance $13,500

Cr Accounts Recivable $13,500

(To record amount written off)

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

(To reverse write-off)

Dr Cash $3,500

Cr Accounts Rec $3,500

(To record collection of writeoff)

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

[$30,700-($18,800-$13,500+$3,500)]

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On January 2, 2017, a calendar-year corporation sold 5% bonds with a face value of $2500000. These bonds mature in five years, a
Oksanka [162]

Answer:

Consider the following explanation

Explanation:

Under Effective interest method, Interest calculated at the effective interest rate (i.e., the yield of the bond) is charged as an expense annually, and the payment made basis the Coupon rate.

In the given case, interest to be paid semi annually i.e, on June 30 and on December 31, will be $62,500 (i.e., 2,500,000 * 5% * 6/12).

On the basis of above, the interest expense to be charged in the 2017 can be calculated as follows: take a look to the attached archive.

As calculated above, the amount to be charged as interest expense for the year 2017 is (80,220 + 80,840 i.e.,) $ 161,060.

Download xlsx
3 0
3 years ago
Use the following to prepare the cash budget. What is the ending cash balance? Beginning cash balance $3,000; Cash receipts $50,
aleksley [76]

Answer:

 Ending cash balance = $13,000

Explanation:

<em>A cash budget is statement that shows the estimated cash receipts and the estimated cash payments for a forth coming accounting period. In addition, it provides information about the expected cash balance for the period to which it relates.</em>

With help of a cash budget, a business can plan ahead for  the usage of its surplus funds and how to finance its deficit cash position

Ending cash balance = Beginning cash balance + cash receipts - cash payment

             = 3,000 + 50,000 - 40,000

 Ending cash balance = $13,000

7 0
3 years ago
The manufacturing overhead account is debited when ______.
Rufina [12.5K]

Production process involves different type of cost and expenses, manufacturing overhead account is one and it is debited when overhead applied is less than the actual overhead costs incurred.

<h3>What is manufacturing overhead cost?</h3>

It is the sum of all the indirect costs that were spent while manufacturing a product.

The amount in the manufacturing overhead account can either be a debit or credit.

It is a debit when the overhead is less than the actual overhead costs that were spent.

Therefore, The manufacturing overhead account is debited when the overhead applied is less than the actual overhead costs incurred.

Learn more manufacturing overhead accounts here

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5 0
2 years ago
Martin had 24 5 pounds of grapes left. which expression shows the pounds of grapes martin has if he doubles his current amount?
nataly862011 [7]

If Martin had 24 5 pounds of grapes left. The expression that shows the pounds of grapes martin has if he doubles his current amount is:  (2) (2) (2) (four-fifths).

<h3>Double amount of grapes</h3>

Given: Current amount of grapes=2 4/5=14/5

Double amount of grapes=2×14/5=28/5

Hence:

2(2)+(2) 4/5

=4+8/5

=28/5

The expression is: (2) (2) (2) (four-fifths) or 2(2)+(2) 4/5.

Therefore If Martin had 24 5 pounds of grapes left. The expression that shows the pounds of grapes martin has if he doubles his current amount is:  (2) (2) (2) (four-fifths).

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7 0
2 years ago
Which statement is false? a. Characteristics that would make a misstatement material include: The relative size of the misstatem
Sergeeva-Olga [200]

Answer:

The correct option is  "<em>d." Characteristics that would make a misstatement material include: The misstatement makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.</em>

Explanation:

<em>A misstatement </em>is a false or incorrect statement. So a material misstatement is a significant statement that is false or incorrect. In the context of a financial audit, a material misstatement is untrue information in a financial statement that could affect the financial decisions of one who relies on the statement.

4 0
3 years ago
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