DEBIT TO ALLOWANCE for Doubtful Accounts and a credit to Accounts Receivable.
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When a specific customer's account is identified as uncollectible, it is written off against the balance in the allowance for bad debts account.
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Answer:
e• Nothing.
Explanation:
If your credit card is stolen, federal law establishes a maximum liability of $50 for any purchases made before you report the loss. In this case, we are told that Jose reported the loss immediately, so there should be no time for someone else to make any illegal purchases. The credit card company should not allow any purchases after Jose notified the loss.
The answer should be B) Online Conversation.
Why is it B) U may ask? Its B) because Wikipedia is a site with false answers because ANYBODY, I mean ANYBODY, can just edit it themselves with probably true information, or even MORE likely false because anybody can change the stuff on there.
Answer:
Annual depreciation= $12,970
Explanation:
Giving the following information:
Kansas Enterprises purchased equipment for $72,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,650 at the end of five years.
To calculate the depreciation expense under the straight-line method, we need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (72,500 - 7,650)/5
Annual depreciation= $12,970
Answer:
$252,000
Explanation:
Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.
First step is to calculate the Net Purchase
Purchases 259,000
Less Purchase discounts (7,900)
Less Purchase returns (11,900)
Add Freight-in 20,800
Net purchase 260,000
Now let calculate the cost of goods sold
Inventory, 7/1/2020 33,900
Add 260,000
Less inventory balance ($41,900)
Cost of goods sold $252,000
Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000
