Answer:
After the adjusting entry is made, Allowance for Doubtful Accounts balance is a credit balance of $22,290
Explanation:
Arundel Company uses aging to estimate uncollectibles.
Estimated uncollectibles = $250,000 x ( 1 - 99.5%) + $70,000 x (1 - 91%) + $30,000 x (1 - 73%) + $8,000 x (1 - 17%) = $1250 + $6,300 + $8,100 + $6,640 = $22,290
The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000.
Bad debt Expense = $22,290 + $2,000 = $24,290
The adjusting entry:
Debit Bad debt Expense $24,290
Credit Allowance for Doubtful Accounts $24,290
After the adjusting entry is made, Allowance for Doubtful Accounts balance is a credit balance of $22,290
The business life cycle corresponds to the stages that a business goes through throughout its existence in the market, which are existence, survival of the fittest, success, take-off and maturity. The correct sequence for this question is C B D A E.
<h3>Maturity</h3>
The business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name.
<h3>Takeoff</h3>
Expansion strategies are implemented, and investment is balanced with potential.
<h3>Existence</h3>
The business introduces itself to the market and attempts to catch the attention of potential customers.
<h3>Success</h3>
Company is stable and profitable.
<h3>Survival of the Fittest</h3>
Focus shifts to revenue, expenses, and growth. Cashflow is the major issue.
Therefore, the business life cycle will help management to manage its resources according to the business phase and make more effective decisions for competitiveness and organizational positioning.
The correct answer is:
C. Maturity
B. Takeoff
D. Existence
A. Success
E. Survival of the Fittest
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Explanation:
Preparing closing entries, which involves journalizing and uploading the entries to the ledger, is the eighth phase in the accounting cycle. During closure, there are four entries. To the Income Summary account, the initial entry cancels revenue accounts.
<h3>What order should the steps for closing an account be taken in?</h3>
Following is the basic order of closing entries: Clear the balances in the revenue accounts by debiting each revenue account and crediting the income summary account. To eliminate the balances in all expenditure accounts, credit all expense, accounts and debit the revenue summary account.
A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures. Crediting the expense accounts and debiting the income summaries closes out all expenditures.
To know more about closing entries, refer:
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Answer: determining the best routes for product delivery.
Explanation:
Predictive analytics is designed I order to help determine the effects of changes that occurs in a business environment.
It can be used for establishing consumer credit scores, forecasting the safety of drivers, identifying the most profitable customers and also anticipating customer response to price changes.
It is not used for determining the best routes for product delivery.
