1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vaselesa [24]
3 years ago
8

On August 31​, 2018​, Melrose Floral Supply had a $ 145 comma 000 debit balance in Accounts Receivable and a $ 5 comma 800 credi

t balance in Allowance for Bad Debts. During September​, Melrose ​made: times Sales on​ account, $ 540 comma 000. Ignore Cost of Goods Sold. times Collections on​ account, $ 581 comma 000. times ​Write-offs of uncollectible​ receivables, $ 5 comma 000.
Business
1 answer:
tekilochka [14]3 years ago
4 0

Answer:

Accounts receivables 540,000 debit

                 Sales revenues          540,000 credit

Cash                            581,000 debit

       Accounts Receivables   581,000 credit

Allowance for bad debt 5,000 debit

       Account receivables        5,000 credit

Bad debt expense      16,200 debit

      Allowance for bad debt   16,200 credit

Question: journalize September events and reocgnize the bad dbet expense assuming 3% of credit sales

Explanation:

We need to record the events during september:

the sales on account will increase Account Receivables.

The collection decrease it.

The write-off under the allowance method will not reocngize any expense We decrease the accounts receivable agains t the allowance for the full amount

<u>the expected bad debt on credit sale is 3%</u>

540,000 x 3% = 16,200

this increase the allowance and declares the bad debt expense associate with the sales of the period

You might be interested in
A sound allocation system should: be cheap and easy to administer provide incentives for cost control charge in proportion to am
Simora [160]
The correct answer is d
6 0
3 years ago
Western Company is preparing a cash budget for June. The company has $10,100 cash at the beginning of June and anticipates $31,9
Anna71 [15]

Answer:

Borrow $6,300.

Explanation:

The company has $10,100 cash at the beginning of June

and anticipates $31,900 in cash receipts

and $38,300 in cash disbursements during June.

This gives a positive balance of (10,100 + 31,900 - 38,300) $3,700 and

To maintain the $10,000 required balance, during June the company must:Borrow $6,300.

8 0
3 years ago
Read 2 more answers
Given the following, compute the cost of goods manufactured.
Anestetic [448]

Answer:

$278,000

Explanation:

Given the above, cost of goods manufactured is computed as

= Direct materials + Direct labor + Applied overhead + Beginning work in process - Ending work in process

= $40,000 + $100,000 + $120,000 + $30,000 - $12,000

= $278,000

Cost of goods manufactured is $278,000

6 0
2 years ago
SoCal Movie Company produces movies at a studio in Southern California. The risk manager decided to identify the range of potent
SVEN [57.7K]

Answer:

Scenario analysis

Explanation:

Scenario analysis is defined as the process of analysing future occurences by choosing present alternatives. It shows different future possibilities of an event, and not just one.

It is a for of projection analysis.

For example the manager's analysis is: if a severe earthquake occurred while the company was filming a movie, there could be deaths and injuries, destruction of movie sets, delays in production, costs associated with filming at an alternative location, and loss of reputation and good will.

7 0
3 years ago
The concept of market efficiency underpins almost all financial theory and decision models. When financial markets are efficient
Phantasy [73]

Answer:

sry I don't know the answer

sry

8 0
2 years ago
Other questions:
  • How does supply and demand inform the choices of consumers and business owners?
    10·1 answer
  • A marketing manager wants to build a strong relationship with the customers and to customize messages without high costs. He und
    7·1 answer
  • Match each of the definitions that follow with the term it defines.
    10·1 answer
  • Help with question no.19?
    15·1 answer
  • The Carter National Bank is worried because it knows that the municipal bonds it has in its bond portfolio can be difficult to s
    11·1 answer
  • Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-
    13·1 answer
  • Globalization leads to more trade between
    10·2 answers
  • Electronic Wonders reports net income of $96,500. The accounting records reveal Depreciation Expense of $50,200 as well as incre
    8·1 answer
  • Chiko bought 75 shares of stock at $19.58 per share. She recelved total dividends of $73.42 during the year. At the end of the y
    8·1 answer
  • Answer please I need help
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!