Answer:
Revised balance = $8000
Explanation:
Milo Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $ 150 comma 000, and management estimates 4% will be uncollectible.
Milo Company's balance of Allowance for Uncollectible Accounts after adjustments, was $ 5 comma 000.
The following year, Milo Company wrote off $ 3 comma 000 of old receivables as uncollectible.
The Allowance account balance now will be:
Amount of Uncollectible Accounts for the year = 4% x $150,000 = $6000
Previous balance is $5,000 less amount written off $3000 = $2000
Revised balance = $6,000 + $2000 which is $8000
Answer:
Price competition in a monopolistically competitive market
Explanation:
The Monopolistic rivalry is an industry state with several firms that are closely linked to each other but offer distinct goods. Therefore, this sector has unlimited entry and exit
Here the company offers the same service but there are totally different in terms of design, service, quality, etc
Hence, the correct option is c
Well there are a few choices here.
If the govt says Fish is healthy and people want to believe the govt, then demand will increase.
Or you can go the realistic way and scientists will prove wether or not that is true and their demand will depends on the scientists answer.
<u>However the most likely answer is that the demand will increase.</u>
Answer: I)Accrued ReVenue /Service Revenue.
2.-Prepaid Expenses/ Insurance Expenses
3.No Entry
4.Prepaid expenses /depreciation expense
5.Accrued Interest payable/Interest Expenses
6.Accrued expenses/ Interest expenses.
7.Unearned expenses/ Service Revenue
Explanation:The type of adjusting entry/ the related account in the adjusting entry is given below
a)For Accounts Receivable---Accrued ReVenue /Service Revenue.
(b) For Prepaid Insurance---Prepaid Expenses/ Insurance Expenses
(c) Equipment ---- Equipment Exoenses. Equipment is a long-term asset that will not last so the cost of equipment is recorded in the account Equipment. No entry is needed in this account.
(d) For Accumulated Depreciation Equipment-----Prepaid expenses /depreciation expense
e) Notes Payable : Accrued Interest payable/ Interest Expenses
(f) Interest Payable--- Accrued expenses/ Interest expenses
(g) Unearned Service Revenue--Unearned expenses/ Service Revenue
