All categories

2 years ago

Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end:

Business

1 answer:

gregori [183]2 years ago

4 0

Answer:

What is allowance for doubtful debt?

This represents management's estimate of the amount of accounts receivable that will not be paid by customers. They are amount owed by debtors, whose likelihood of collection is not certain.

1 Bad debts expense Dr ($18,000 × 0.25%) $45

To Allowance for Doubtful Accounts $45

(Being the bad debt expense is recorded)

2. Bad debts expense $45

($72 - $27)

To Allowance for Doubtful Accounts $45

(Being the bad debt expense is recorded)

3 Bad debts expense $105

($72 + $33)

To Allowance for Doubtful Accounts $105

(Being the bad debt expense is recorded)

4 Allowance for Doubtful Accounts $15

To Accounts Receivable $15

(Being the allowance for doubtful accounts is recorded)

Learn more about allowance for doubtful debts here : brainly.com/question/25687295

Explanation:

You might be interested in

charitable contributions of a firm being tied directly to the customer revenues produced through the promotion of one of its pro

wel

Answer:

Cause marketing

Explanation:

5 0

3 years ago

Nancy and Betty enter into a partnership agreement where they decide to share profits according to the following rules: Nancy an

Margaret [11]

From the first condition, Nancy already has $1,300. From the second condition, Nancy will also receive 10% of her capital balance which is 10% of $100,000 or $10,000. In total, Nancy has a share of $11,300. So, Betty's share is the remaining amount from the $40,000 net income which is
$28,700

5 0

3 years ago

Helen Weeks has worked for Bonne Consulting Group (BCG) as the executive secretary in the administrative department for nearly 1

elena55 [62]

Answer:

1.) The internal controls which were missing are from the separation of responsibilities. There must have been in place an inner regulator were an individual works with advisers while alternative individual or unit take-care of the expense procedure, then somebody else allow expenses and then office should distribute the expenditures. There is an absence of inner controls as you can realize that the corporation amalgamated with a larger corporation and no one measured other accounts such as Jackson and company any longer.

2.) With the lack of control, this offered Helen the chance to effect the fraud. With this presence said, she was talented to emulate sign receipts and spend the retailer’s expenditures. She were also the one in responsibility of office the initial and final of accounts. In short, she had several accountabilities that should have remained separated up better and had diverse individuals for the separations of the job. In addition, she needed a bank description from the corporation where she was capable to put the expenditures and pay individual expenditures.

3.) The method this fraud might be noticed is the inspection squad can ask the bank for reports. They might also conference sellers. The accounting section should have ended sure they were doing the due diligence in dealers and corresponding the receipts with statements and expenditures.

5 0

3 years ago

If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are:

lys-0071 [83]

Answer:

Recognized as revenues in the debt service fund.

Explanation:

Debt Service fund is a term that is used to describes a form of cash reserve utilized in the payment of interest and principal on specific kinds of debt for a given period. For example, bond premiums are commonly imposed by state law to be moved to debt service funds.

Hence, If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are: Recognized as revenues in the debt service fund.

8 0

4 years ago

Characteristics of level production include. Select one or more:

Anna007 [38]

Answer:

Characteristics of level production include:

a. All of these answers are correct.

Explanation:

Production leveling was originated in Japan, and it is called production smoothing too, its strategic plan modifies inventory stock to keep a balanced production level for an specific period, to leveling by volume, or by product. This approach requires careful management of the orders so they can be predicted reasonably and accurately in terms of facility restraints, or to reduce the valueless added section of the production time, and to remove the waste of items in a row, to adapt getting throughput rates.

8 0

4 years ago