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ella [17]
3 years ago
11

Plus Company uses the estimate of receivables method of accounting for uncollectible accounts. Plus Co. estimates that $4412 of

accounts receivable at December 31, 2013 will be uncollectible. At the beginning of the year, on January 1, 2013, the Allowance for Bad Debts had a credit balance of $3284. During 2013, Plus Co. wrote off Accounts Receivable totaling $1826 and made credit sales of $114579. After the adjusting entry is posted, the December 31, 2013 balance in Allowance for Bad Debts would be ______.
Business
1 answer:
Darina [25.2K]3 years ago
3 0

Answer:

$4,412

Explanation:

If the company estimates that $4,412 of accounts receivables will be uncollectible, then it must record that number under the Allowance for Bad debts Account.

That account started the year with a $3,284 balance, it decreased by $1,826 (debt written off), and then must be adjusted by crediting $2,954 so its balance = $4,412 on December 31.

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Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for th
FrozenT [24]

Answer:

Date                    Explanation             Debit       Credit

January 1            Petty Cash               $200

                           Cash                                          $200

Explanation:

Step 1: Journal Entries to Establish the Fund on January 1

Date                    Explanation             Debit       Credit

January 1            Petty Cash               $200

                           Cash                                          $200

Being the establishment of petty cash fund

Step 2: Preparing Journal Entries to reimburse funds on January 8

Date                    Explanation             Debit       Credit

January 8            Postage                   $74

                            Transportation        $29

                            Delivery                   $16

                            Miscellaneous         $43

                           Cash                                          $162

Being the reimbursement of Petty Cash Fund.

Petty Cash is usually a fund established by an organisation to take care of day to day expenses. At the end of a period or at the exhaustion of the fund, an account is given and then the amount spent is reimbursed.

7 0
3 years ago
________________ mortgage is two or more mortgages consolidated into one payment, and is usually designed to allow the buyer to
azamat

Answer:

wrap around mortgage

Explanation:

A wrap-around mortgage is can be used in deals of owner-financing.

Wrap around mortgage refers to two or more mortgages consolidated into one payment. Such type of mortgage allow the buyer to purchase with a smaller down payment. A buyer also gets an added benefit of a below market interest rate first mortgage. A wrap-around mortgage can only be used to homes with an existing FHA or VA loans.

8 0
3 years ago
kristen and harrison are equal partners in the kh partnership. the partners formed the partnership 5 years ago by contributing c
Sauron [17]

Answer: Harrison will acknowledge a gain equal to the difference between his basis and the distribution . This is because he receives only money in the distribution and the amount transcend his basis in KH. He further allot his entire basis in KH to the basis in the money received resulting in $0 basis in KH after the distribution.

∴ <em>The capital gain will be $6000 i.e. (50000 - 44000) and $0 basis.</em>

4 0
3 years ago
In an outsourcing decision, developing and negotiating the outsourcing contract: is not an area where supply managers believe th
RoseWind [281]

Answer:

The correct answer is is of less strategic importance than identifying opportunities for outsourcing.

Explanation:

Outsourcing consists in the delegation of functions from one company to another that specializes in this task. Among its greatest benefits are cost reduction and access to new technologies, among others, however, if the service provider does not have sufficient capacity to perform this function, it may damage the image of the contracting company. This tool can be used tactically or strategically and can be adapted to the requirements of the company requesting the service, it is implemented at different levels and in areas of the organization that are not essential to gain competitiveness.

7 0
3 years ago
Eurocurrency is the euro, the common currency of Europe. is a time deposit of money in an international bank located in a countr
Leona [35]

Answer:

is a time deposit of money in an international bank located in a country different from the country that issued the currency.

Explanation:

In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.

Simply stated, money refers to any asset which can be used to purchase goods and services by customers.

This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.

Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.

The three (3) main functions of money all over the world are;

I. Medium of exchange.

II. Unit of account.

III. Store of value.

The European System of Central Banks (ESCB) which was established under the Treaty on European Union (TEU).

It comprises of the European Central Bank (ECB) and the national central banks of all the 27 European Union (EU) member states, irrespective of adopting the Euro (£) or not. This has helped the European Union (EU) member states to achieve tight corporations and memorandum of understanding (MOUs) such as TARGET2 (single payment system).

Eurocurrency is a time deposit of money in an international bank located in a country different from the country that issued the currency.

3 0
2 years ago
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