20) Tudor's Deli and Catering could have sold their delivery van on December 31, 2010 for $16,000. If they

At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,200 (credit) before any year-end a

Lapatulllka [165]

Answer: Debit Bad debt expense $7,300; Credit Allowance for doubtful accounts $7,300.

Explanation: 5% of accounts receivable of $190,000 is $9,500. Remember the credit balance in Allowance for uncollectible accounts is $2,200 prior to any adjustment and this reports to the balance sheet. To reinstate this account to the required provision for uncollectible amount of $9,500, we need to adjust for the difference (that is, $9,500 minus $2,200 existing balance), which is $7,300. <u>Then, the entries above would be recorded. </u>

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3 0

3 years ago

Pharoah Incorporated factored $154,700 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses

VashaNatasha [74]

Answer:

Cash 135,604 debit

Due from factor account: 7,735 debit

Loss on Factoring 18,081 debit

Recourse Liability 6,720 credit

Accounts Receivable 154,700 credit

--to record sales of account receivables--

Explanation:

fee: 154,700 x 3% = 4,641

retention: 154,700 x 5% = 7,735

recourse: 6,720

The company will receive cash for the difference between his account receivable and the discount above:

154,700 - 4,641 - 7,735 - 6,720 = 135.604‬

We post the retention as an assets as latter we will recove this amount.

Then, the recourse as a liaiblity. Write-off the receivables and later, the cash receipts.

The difference will be considered a loss.

5 0

3 years ago

According to the US Department of health and human services marriage improves mental health true or false

Morgarella [4.7K]

This statement is true, according to the Department of health and human services. But in my opinion marriage could go either ways, you can either improve or downgrade your mental health.

8 0

4 years ago

Read 2 more answers

Record the adjusting entries for the month of December. Explanations are not required.

horsena [70]

Answer:

Item a

Debit : Salaries Expense $1,700

Credit : Salaries Payable $1,700

Item b

Debit : Depreciation expense $200

Credit : Accumulated depreciation $200

Item c

Debit : Insurance expense $350

Credit : Prepaid Insurance $350

Item d

Debit : Supplies expenses $110

Credit : Office Supplies $110

Item e

Debit : Unearned revenue $400

Credit : Revenue Earned $400

Item f

Debit : Accounts Receivable $900

Credit : Service Revenue $900

Explanation:

The adjusting entries for the month of December have been prepared above.

4 0

3 years ago

Bases of business or organizational market segmentation that center on the customer attributes are categorized as: Group of answ

sweet-ann [11.9K]

Hard qualitative criteria

Explanation:

The qualitative requirements in marketing begin with a quick-term target, in which the qualitative standards: architecture, online distribution platforms, customer satisfaction and e-loyalty are also included.

Briefly, the process of gathering large amounts of data by polls, surveys and voting techniques relates to quantitative market research. Qualitative market research, alternatively, involves trying to determine customer motivation through close analysis ––typically in a tiny group or face-to-face encounter.

5 0

3 years ago