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alexgriva [62]
3 years ago
8

On January 1, Wei company begins the accounting period with a $40,000 credit balance in Allowance for Doubtful Accounts. On Febr

uary 1, the company determined that $8,800 in customer accounts was uncollectible; specifically, $1,900 for Oakley Co. and $6,900 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $1,900 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:
faltersainse [42]3 years ago
6 0

Answer:

The Journal entries are as follows:

(a) On February 1,

Allowance for doubtful accounts      Dr. $8,800

To Account receivable-Oakley Co                         $1,900                      

To Account receivable-Brookes Co                       $6,900            

(To record write off)

(b) On June 5,

(i)

Account receivable-Oakley Co.         Dr. $1,900

To Allowance for doubtful accounts                     $1,900

(To record amount reinstated)

(ii)

Cash  A/c                                          Dr. $1,900

To Account receivable-Oakley CO                     $1,900

(To record cash received)

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ECONOMICS, PLEASE HELP.
Nina [5.8K]

Equilibrium is the point where supply meets demand. Look at the table and see where those two columns are the same.

For B. look at the chart and see at 1,50 rent (the first column) the demand is greater than supply or not. If demand is less than supply, there is a surplus. If demand is higher, there is a shortage.

This applies to question C as well. Look at the first column, find the rent, and see if there is more supply or more demand.


3 0
3 years ago
or 2018, Gourmet Kitchen Products reported $22 million of sales and $18 million of operating costs (including depreciation). The
Vinil7 [7]

Answer:

Economic value added = $1,250,000

Explanation:

Economic value added (EVA) = Net operating profit after taxes - Invested capital * cost of capital

Economic value added= [($22,000,000 - $18,000,000) * (1 - 0.35)] - [$15,000,000 * 9%]

Economic value added =  ($4,000,000 * 0.65) - $1,350,000

Economic value added  = $2,600,000 - $1,350,000

Economic value added = $1,250,000

5 0
3 years ago
Treasury Bonds are _______.A. liquid, but not a store of value. B. a store of value, but not liquid. C. both liquid and a store
miss Akunina [59]

Answer:

C. both liquid and a store of value.

Explanation:

Treasury Bonds are fixed interest long term government debt instrument issued by the government through the monetary authorities (Federal Reserve or Central Bank) to raise fund from the public. Treasury bond has a maturity of between 10 and 30 years.

Treasury bonds is one of the most liquid financial instrument in the world as  it can be turned to cash within a day.

The T-Bond, as treasury bonds is often called is a good store of value as it pays interest and the principal is backed by a legal contract.

5 0
3 years ago
What an employee is taking action to kill microorganism on cleaned surface this referred to A:cleaning b:sanitizing c: clean as
Afina-wow [57]

Answer:d

Explanation:

3 0
3 years ago
Stellar Corporation engaged in the following cash transactions during 2017. Sale of land and building $194,800 Purchase of treas
Law Incorporation [45]

Answer:

The cash provided by investing activities is $91900

Explanation:

The net cash provided or (used) by investing activities is computed thus:

Sale of land and building                     $194800

Purchase of land                                    ($44700)

Purchase of equipment                          ($58200)

Net cash provided by investing activities $91900

The purchase of treasury refers to purchase of own shares from shareholders,hence it is a financing activity

Payment of dividends to shareholders is also a financing activity

Issuance of common stock and retirement of bonds are also financing activity-related,as a result they do not feature in the above computation of cash provided or used by investing activities

3 0
3 years ago
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