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hram777 [196]
3 years ago
8

Using the percentageminusofminussales ​method, the estimated total uncollectible accounts are $6,922. The Allowance for Uncollec

tible Accounts prior to adjustment has a debit balance of $ 3,135. The Accounts Receivable balance is $ 44,820. The amount of the adjusting entry for UncollectibleminusAccounts Expense​is:
A.$6,922.
B.$3,787.
C.$10,057.
D.$3,135.
Business
1 answer:
arsen [322]3 years ago
6 0
Allowance of amounts Answer: c. $10,057.
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Lewis Company had the following transactions involving notes payable.
Fiesta28 [93]

Answer and Explanation:

The journal entries are shown below

1. Cash Dr $50,500

        To Note payable $50,500

(Being the amount borrowed is recorded)                    

2. Cash Dr $61,200

        To Note payable $61,200

(Being the amount borrowed is recorded)          

3. Interest expense $2,020

         To Interest payable $2,020

(Being the interest expense is recorded)

The computation is shown below:

= $50,500 × 8% × 6 months ÷ 12 months

= $2,020        

4. Interest expense $612

         To Interest payable $612

(Being the interest expense is recorded)

The computation is shown below:

= $61,200 × 6% × 2 months ÷ 12 months

= $612    

5. Note payable $61,200

    Interest expense $306

   Interest payable $612

          To Cash $62,118       ($61,200 + $918)

(Being the principal and the interest is recorded)

= $61,200 × 6% × 3 months ÷ 12 months

= $2,020

5. Note payable $50,500

    Interest expense $1,010

   Interest payable $2,020

          To Cash $62,118       ($50,500 + $3,030)

(Being the principal and the interest is recorded)

= $50,500 × 8% × 9 months ÷ 12 months

= $3,030

8 0
3 years ago
Developing, pricing, promoting, and delivering services is challenging because the quality of a service is often A. inseparable.
ZanzabumX [31]

Answer:

B. inconsistent

Explanation:

Marketing mix refers to a blend of those key marketing facets which increase consumer purchases.

Marketing mix is often emphasized by it's 4 P's i.e Product, Price, Place and Promotion.

Product is a bundle of attributes and utilities, price refers to the consideration received or receivable, promotion refers to sales promotion and advertisement channels while place refers to delivery or location where the buyer gets the product.

In case of a service, which is intangible unlike a product, it's quality and delivery is dependent upon it's provider. And since no two individuals can render exactly the same kind of service, owing to varied individual capabilities, the quality of a service is usually inconsistent or say unequal.

8 0
3 years ago
In a cost reconciliation schedule, costs accounted for is computed by adding the cost of the beginning work in process and the c
frozen [14]

Answer:

ending work in process and the cost of units transferred out.

Explanation:

In a cost reconciliation schedule, costs accounted for is computed by adding the cost of the ending work in process and the cost of units transferred out.

The cost reconciliation schedule gives the relationship between total costs accounted for and total costs to be accounted for.

When the total costs accounted for equal the total costs to be accounted for, this is a cost reconciliation schedule.

8 0
3 years ago
When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debit a. Inventory b. Pu
Keith_Richards [23]

Answer:

Accounts payable

Explanation:

In accounting, the term accounts payable refers to the money that is owed by a business to its suppliers, in other words, it refers to the business' short-term debts.

When merchandise is purchased on account and it is returned under the perpetual inventory system, the buyer would then debit accounts payable since it is money that the company would owe to the buyer.

4 0
3 years ago
Ross company paid current month's rent, $1300. which accounts are affected​
telo118 [61]
The accounts affected are Ross company and rent account
3 0
3 years ago
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