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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

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I think it's c

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2 years ago
Peggy is the revenue manager at a 1500 room hotel. For next Friday Peggy's PMs shows 300 check-outs, 900 stayovers, 250 transien
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Answer:

option (A) 150

Explanation:

Data provided in the question:

Number of rooms in the hotel = 1500

Number of checkouts = 300

Number of stayovers = 900

Number of transient arrivals = 250

Group block that begins a three stay on that day = 200

Now,

Rooms available for next Friday

= Total number of rooms - ( stayovers + transient arrivals + group block)

= 1500 - ( 900 + 250 + 200)

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Hence,

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7 0
3 years ago
Which of the following statements is FALSE? Group of answer choices The right discount rate for a cash flow is the rate of retur
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To compensate for the risk that they will receive less than promised if the firm defaults, investors demand a lower interest rate than the rate on U.S. Treasuries.

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Investors are risk averse, this means that they will always prefer those investments with lower risks. Since US treasuries are considered the safest investments,  they are used to calculate the risk free rate.

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8 0
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A first-round draft choice quarterback has been signed to a three-year, $10 million contract. The details provide for an immedia
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$8.31 million and No.

Explanation:

In this question, we have to find out the present value which is shown below:

= $1 + first year value ÷ ( 1 + discount rate) + second year value ÷ ( 1 + discount rate) ^ number of years + third year value ÷ ( 1 + discount rate) ^ number of years

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Certified Public Accountant (CPA) is a term used to refer to the state title of approved accountants in the Uniform Certified Public Accountant Examination. The CPA allows these professionals to issue opinion statements in financial reports, following a few rules. For example, the Tax Services Standards Statement No. 1 states that a basic principle of the provision of tax services that the CPA has is to have a good faith belief that the tax return position will be accepted by the IRS.

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