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matrenka [14]
2 years ago
5

The newest employee at Edwards Escrow Co., Adam Riley, is handling the escrow

Business
1 answer:
Minchanka [31]2 years ago
5 0

Since Adam cannot remember the number he used for the proration, then, he should use 28 days because that is the actual number of days in February,

Proration is an act of dividing the property expenses between a buyer and seller to ensure that the parties only pay for the days they owns the property.

Since the month of February contains 28 days, then, the number of days used in the calculation of the Proration will be maximum of 28 days

Therefore, the Option A is correct because 28 days is the actual number of days in February.

Missing options includes

  • 28 days because  that is the actual number of days in February, the month for which the prorations are being calculated.,
  • 30 days which escrow companies use as their base month in figuring out prorations
  • 31 days which escrow companies use as their base month in figuring out prorations.

Read more about February days

<em>brainly.com/question/901325</em>

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Answer:

$5,220

Explanation:

The computation of the bad debt expense for the period end adjustment is shown below:

= Allowance of bad debts + credit balance of  Allowance for Doubtful Accounts

where,

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And, the credit balance of  Allowance for Doubtful Accounts is $240

Now put these values to the above formula  

So, the value would equal to

= $4,980 + $240

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The journal entry is shown below:

Bad debt expense A/c Dr $5,220

   To Allowance for Doubtful Accounts $5,220

(Being bad debt is recorded)

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3 years ago
A credit sale is made on July 10 for $900, terms 1/15, n/30. On July 12, the purchaser returns $100 of goods for credit. Give th
balu736 [363]

Answer:

                                      Dr.      Cr.

July 19

Cash                            $792

Discount expense      $8

Account Receivable              $800

Explanation:

The term 1/15, n/30 mean there is a discount of 1% is available on the sales value, if payment is made within 15 days of sale with credit term of 30 days.

The sale of $900 was made on July 10 and discount period is until July 25.

On July 12 goods amounting $100 was returned and now the amount due from the customer is $800 ( $900 - $100 ).

The payment made on July 19 is actually in the discount period and it is eligible for the discount as it is made before July 25.

Discount = Amount due x Discount rate

Discount = $800 x 1% = $8

$792 Cash received against the sale made on July 10 and discount $8 is expensed. Total of $800 is credited from the account receivable account to eliminate it.

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3 years ago
Mark wants to be a web designer. He recently found out that a local company is
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Answer:

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Answer:

knowledge management                                

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Knowledge management activities usually focus on institutional priorities like better performance, competitive edge, creativity, experiences gained exchange, alignment and institutional quality improvement.

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I think the answer would be a background question.

I hope that helped :)
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