Answer:
Soundgarden Company
Journal Entries:
July 10, 2020:
Debit Cash Account (or Accounts Receivable) $800,000
Credit Sales Revenue $800,000
To record the sale of 200 copiers at $4,000 apiece.
July 10, 2020:
Debit Warranty Expense $66,000
Credit Warranty Liability $66,000
To record the estimated warranty maintenance on copiers sold.
December 31:
Debit Warranty Liability $17,000
Credit Inventory $17,000
To record actual warranty costs incurred.
Explanation:
Soundgarden should record these transactions according to the matching principle, whereby warranty expense is recognized in the period that matches the sale so that all expenses related to sales are recognized when the sales are recognized. This is achieved by creating a warranty liability account after the sales and recording a warranty expense as the debit entry. When actual warranty costs are incurred, the Soundgarden Company will debit the warranty liability and credit the inventory actual for the actual costs.
Answer:
b.$1,150
Explanation:
Sales Collection $5,000*.98 $4,900
Payment of purchases $5,000*50% ($2,500)
Other payments $5,000*25% ($1,250)
Net Cash flow during a typical month $1,150
Answer:
<em>Telemedicine</em>
Explanation:
Distributing health related information and services via telecommunication technologies and electronic information is called telemedicine. The contact between patient and clinician is long distance.
The clinician used electronic means such as computers to intervene, monitor and educate the patient. Livongo health and Teladoc are two famous tele medicine companies.In US telemedicine has successfully reduced the healthcare costs and improved the patient access to medical care. According to a study 61 percent of healthcare institutions in US use tele medicine.
The answer is 28.9 because you add all the numbers together and divide by 7. The answer is 28.8 which rounds to 28.9.
Answer: $3000
Explanation: Allowance for doubtful accounts is the contra account to accounts receiveable when all the bad debts need to be accounted for. The bad debts reduces the accounts receivable line but all bad debts are actually deducted from the allowance for doubtful accounts.
The allowance for doubtful accounts for that year is calculated as 5% of the accounts receivable balance. This amounts to $8000 (160000 x 5%) before bad debts have been accounted for. Allowance for doubtful accounts moves in the opposite direction as accounts receivable because it is a contra account to this line item. At the end of the year before year end closing entries are done, and after the bad debts have been accounted for, the balance on the allowance for doubtful accounts is $5000.
This means that bad debts for that year is:
8000 (balance before bad debts have been accounted for)
- 5000 (balance after bad debts have been accounted for)
= $3000.
