Which one of the following is part of the transaction that is recorded when an account is written off under the allowance method?
Entry field with correct answer
Loss on Accounts Receivable account is debited.
Allowance for Doubtful Accounts is debited.
Bad Debts Expense account is debited.
Accounts Receivable account is debited.
Answers
When an account is written off under the allowance method, the Bad Debts Expense account is debited. The correct option is option C.
What is the Allowance Method?The allowance method of accounting for bad debt involves estimating uncollectible accounts at the end of each period. A business will make the necessary adjustments to both the allowance for doubtful accounts and the bad debt expense accounts in the accounting period's adjusting entries.
The uncollectible accounts that a company estimates using this method are not yet identified. They do not necessarily relate to particular accounts receivable balances that are outstanding. Instead, the estimate is based on past experience or industry standards.
A journal entry is recorded when an account is written off under the allowance method. When an account is written off, it means that a company has determined it will never collect on that account.
Therefore, it should be removed from the accounts receivable balance on the balance sheet.The journal entry should debit the Bad Debts Expense account and credit the Accounts Receivable account. The allowance for doubtful accounts should not be involved in the journal entry since it is an estimate of uncollectible accounts and not a specific account that can be written off..
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Related Questions
Which component of table setting includes knives?
O A.
lunchware
OB.
flatware
O C.
steelware
OD.
dinnerware
O E.
drinkware
Answers
Answer:
Steelware I think
Explanation:
In preparing a company's statement of cash flows using the indirect method, the following information is available:Net income $ 52,000Accounts payable decreased by 18,000Accounts receivable increased by 25,000Inventories increased by 5,000Depreciation expense 30,000Net cash provided by operating activities was:
Answers
Answer:
Statement of cash flows using the indirect method
Net income $52,000
Adjustments to net income:
Depreciation expense $30,000Increase in accounts receivable ($25,000)Increase in inventories ($5,000)Decrease in accounts payable ($18,000) ($18,000)net cash flow provided by operating activities $34,000
G Brown has the following items in her balance sheet as on 30 April 20X8: Capital £18,400;
Creditors £2,100; Fixtures £2,800; Car £3,900; Stock of goods £4,550; Debtors £2,780; Cash at bank
£6,250; Cash in hand £220.
During the first week of May 20X8
(a) She bought extra stock for goods £400 on credit.
(b) One of the debtors paid her £920 by cheque.
(c) She bought a computer by cheque £850.
Answers
Answer:
b
Explanation:
1 Which one of the following is not Which one of the key roles / purposes of marketing within
business?
A To identify potential customer groups
B To inform customers about the business's product or service
C To prepare cash flow forecasts
D To understand customers and their needs
Your answer
i
Answers
4. Determine the importance of environment conservation from the business viewpoint
Answers
Answer:
Economic expansion is not what is causing the climate crisis; rather, the lack of effective public policy meant to lower greenhouse gas emissions is to blame. As long as regulations are in place to limit the environmental effects of the goods and services we produce and use, there is no conflict between capitalism and environmental protection. With those regulations in place, consideration for environmental sustainability can and will be factored into every decision made by the private, nonprofit, and governmental organizations from which we all benefit.
The sustainability of the environment is not affected in the same way by all consumption patterns. The emergence of more sustainable lifestyles can be seen in consumption trends. Young Americans, for instance, don't seem as interested in buying cars as their parents and older siblings did. The advancement of the mobile phone has made ride-sharing, bike-sharing, and other transit options possible.
However, taking an Uber or driving your own car are both considered economic activities for the purposes of calculating GDP. These consumption patterns are typically not the subject of policymaking because they are quite influenced by shifting social norms than by governmental action. The only exceptions might be behavior that directly harms other people, like drinking and driving or smoking in public. New technologies can also lessen the impact of consumption on the environment.
Ironically, some environmentalists and some deniers of global warming share the view that environmental protection and economic growth must be compromised. Both can and must be done. Because most people in the developed world enjoy their way of life and won't give it up, we cannot stop investing in economic development. Environmental advocates will fail politically if they make such a request.
Explanation:
Political and business leaders may not care if economic growth harms the environment, and environmentalists may disagree, contending that neither economic growth nor environmental harm can coexist.
Even by itself, environmental protection promotes economic expansion. The air pollution control technologies we install on power plants and automobiles are made and sold by a third party. Additionally, environmental amenities are valuable.
Smartphone sales have stagnated in developed countries, but they continue to experience high growth in emerging economies. Which aspect of the industry does this trend reflect
Answers
Answer:
Open innovation
Explanation:
In a bid to drive growth and revenue, organizations and develop products which are customer friendly and centric, company's may decide not to rely on internal expertise or ideas within its own staff or designers, such that they seek external resources in a bid to mould their product offering in a systematic manner. These idea of seeking external knowledge or opinion in other to develop consumer products is called open innovation. It is a major trend which could be used to explain the push and increase in smartphone sales in developing economies as the companies tries to move in line with the current status.
Over five quarters, revenue generated by Alpha Enterprises was: 10, 14, 12, 16, 20. Using the exponential smoothing technique, calculate smoothed values for the 2nd, 3rd, 4th, and 5th quarters given that
a = 0.5: a. 12, 13, 14, 18
b. 12, 12, 14, 17
c. 12, 14, 16, 18
d. 12, 14, 16, 20
Answers
To calculate the smoothed values using exponential smoothing, we start with the first observed value and then apply the smoothing formula:
k
Smoothed Value = α * Current Value + (1 - α) * Previous Smoothed Value
Given the following revenue values: 10, 14, 12, 16, 20 and α = 0.5, we can calculate the smoothed values for the 2nd, 3rd, 4th, and 5th quarters as follows:
1st Quarter: Smoothed Value = 10 (Since it's the first observed value)
2nd Quarter: Smoothed Value = 0.5 * 14 + 0.5 * 10 = 12
3rd Quarter: Smoothed Value = 0.5 * 12 + 0.5 * 12 = 12
4th Quarter: Smoothed Value = 0.5 * 16 + 0.5 * 12 = 14
5th Quarter: Smoothed Value = 0.5 * 20 + 0.5 * 14 = 17
The smoothed values for the 2nd, 3rd, 4th, and 5th quarters are: 12, 12, 14, 17.
The correct answer is option b: 12, 12, 14, 17.
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It's time to think like a manager. Corporate social responsibility is wonderful, though often criticized as purely rhetorical and laden with subtle profit goals. How can a manger emphasize genuineness of corporate social responsibilities and activities in society?
Answers
The correct answer to this open question is the following.
It's time to think like a manager. And more importantly, it is time to act like a manager and became a true leader.
Corporate social responsibility is wonderful, though often criticized as purely rhetorical and laden with subtle profit goals. That is why is so important that a manager could emphasize genuinely that corporate social responsibilities are a priority for the organization.
One good way to prove that and stop critics is to establish a series of programs and actions that benefit the environment and the community and that could be evaluated by the members of the society.
This includes mass media. Yes, the company has to open its doors and be willing and able to show the results of these programs. If the company has nothing to hide, it will have no problem to show its work and be proud of the monetary results as well as the social responsibility results that benefit the community.
A model that shows the trade-offs and opportunity costs of producing an additional unit of a good relative to what must be given up in the production of another good.
Answers
Answer:
production possibilities curve (PPC)
Explanation:
The PPC is used to explain the tradeoffs that producers face when having to choose between 2 different alternative products or services. The more they choose of one product, the less they will be able to produce of the other product. Opportunity costs are the associated costs or benefits lost resulting from choosing one activity or investment over another alternative.
If a firm's marginal revenue is below its marginal cost, an increase in production will usually: a. increase profits. b. leave profits unchanged. c. decrease profits. d. increase marginal revenue.
Answers
Answer:
D. increase marginal revenue
Explanation:
If marginal revenue is less than marginal cost then they are producing too much product and need to decrease production until marginal cost and marginal revenue are equal.
to wire a stereo you will need 325 cm of speaker wire to that sell $0.15/ft. what is the price of the wire that you will need?
Answers
The price of the wire that we will need is $1.605.
Given that to wire a stereo, you will need 325 cm of speaker wire that sells for $0.15/ft. We need to find the price of the wire that we will need. Price of wire = Length of wire x Cost of 1-foot wire. From the given problem, we have the length of wire in cm. We need to convert it into feet, as the cost is given in $/ft. We know that 1 foot = 30.48 cm. Length of wire in feet = 325/30.48 = 10.66 feet ≈ 10.7 feet. Now, Price of wire = 10.7 × $0.15/ft= $1.605. Hence, the price of the wire that we will need is $1.605.
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Jacob works part-time as a cashier at a drug store. His gross pay for the year
was $8,000. Based on his income level, the federal tax rate he'll need to pay is
10%. For his state taxes, Jacob will need to pay 5% and the FICA rate is
7.65%. What is Jacob's net pay for the year?
A. $1,812
B. $7,200
C. $6,188
D. $6,988
Answers
Answer:
Option C
Explanation:
Gross Salary of Jacob = $ 8000
Federal tax paid by him = 10% of $8000 = $800
State tax = 5% of $8000 = $400
FICA rate = 7.65% of $8000 = $612
Net Pay of Jacob = $ 8000 - $800 -$400-$612
= $6188
Hence, option C is correct
Explain two influences on whether demand for a product is price elastic or price inelastic
Answers
Answer:
Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.
urban structure in the united states could be said to be a product of what economists call the bid-rent. what is meant by the bid-rent?
Answers
The bid-rent theory is an economic concept that explains how the price and demand for real estate are influenced by their location and accessibility.
It states that the value of a particular piece of land is determined by the maximum amount someone is willing to pay for it, based on its location and access to amenities and resources.
As an area becomes more desirable, demand for the land increases, and the bid-rent for that location also increases. This can lead to the development of high-density urban areas where property values are high, and lower-density suburban areas where property values are lower.
In the United States, this theory has played a significant role in shaping the urban structure of cities, as developers seek to maximize profits by locating their properties in areas with high bid-rent values.
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T/F. Retained earnings and accumulated other comprehensive income (AOCI) can be found in the contributed capital section of stockholders' equity.
Answers
T/F. A company is worse off by paying cash dividends because it must record a loss for this transaction in its income statement.
The statement is false, retained earnings and accumulated other comprehensive income (AOCI) cannot be found in the contributed capital section of stockholders' equity.
Contributed capital represents the funds that a company has raised from investors in exchange for ownership shares. It includes common stock, preferred stock, and additional paid-in capital. Retained earnings, on the other hand, represent the portion of a company's profits that have been retained and reinvested in the business, rather than distributed to shareholders as dividends. Retained earnings are reported in the retained earnings section of stockholders' equity. AOCI, meanwhile, represents unrealized gains and losses on certain types of investments and other items that are not included in net income. AOCI is also reported in the stockholders' equity section of the balance sheet, but it is not included in contributed capital.
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SOS
A country has a trade deficit of $20 billion with its trading partners over a
year. Which change would cause the country to have a trade surplus the
following year, assuming everything else remains the same?
A. The country decreases its exports bus 10 billion.
B. The country increases its exports by $30 billion.
C. The country decreases its imports by $10 billion.
D. The country increases its imports by $30 billion.
Answers
B) the country increases its exports by $30 billion
Explanation:
I took a quiz
Answer:
increases its export 30 million
Explanation:
Whats your favorite Song guys
Answers
Memories by Maroon 5. I love this song.
if the seasonal index for this period is 0.63 and seasonalized sales (or actuals) for this period are 2,073.00 units, find the deseasonlized sales!
Answers
The deseasonalized sales for this period are estimated to be 3,285.71 units.
To find the deseasonalized sales, you need to divide the seasonalized sales by the seasonal index. The seasonal index represents the average deviation from the average seasonal sales, so dividing the seasonalized sales by the seasonal index will give you an estimate of what sales would have been without the seasonal fluctuations.
The formula for deseasonalized sales is as follows:
Deseasonalized Sales = Seasonalized Sales / Seasonal Index
In this case, the seasonal index is 0.63, and the seasonalized sales (actuals) are 2,073 units. Plugging these values into the formula, we get:
Deseasonalized Sales = 2,073 / 0.63
Deseasonalized Sales = 3,285.71 units
Therefore, the deseasonalized sales for this period are estimated to be 3,285.71 units. This is an estimate of what the sales would have been if there were no seasonal fluctuations, and it can be useful for identifying underlying trends in sales data and making more accurate forecasts.
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If a firm has not had a significant change in its financial health, which balance sheet item is most likely to have a book value very close to its market value over the course of time?
A) Shareholder's equity
B) Real estate
C) Finished goods inventory
D) Bonds
Answers
The balance sheet item that is most likely to have a book value very close to its market value over the course of time if a firm has not had a significant change in its financial health is shareholder's equity. A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a given point in time.
The book value of an asset or liability is the value shown on the balance sheet, which is the original cost minus any accumulated depreciation (in the case of assets) or the original cost plus any accumulated interest (in the case of liabilities). The market value, on the other hand, is the price that the asset or liability would fetch in the market if it were sold today. If a firm has not had a significant change in its financial health, it means that its assets, liabilities, and equity have remained relatively stable over time. In such a scenario, the balance sheet item that is most likely to have a book value very close to its market value is shareholder's equity.
Shareholder's equity is the residual interest in the assets of the company after deducting all liabilities. It represents the amount that would be left over for the shareholders if all assets were sold and all liabilities were paid off. Shareholder's equity includes retained earnings (profits that have been reinvested in the company rather than paid out as dividends) and the capital contributed by shareholders. The book value of shareholder's equity is based on accounting principles and reflects the historical costs of assets and liabilities. However, the market value of shareholder's equity is based on market forces and reflects the current market perception of the company's future earnings potential. If the company is doing well and is expected to generate strong profits in the future, its market value will be higher than its book value. Conversely, if the company is struggling or is expected to face challenges in the future, its market value will be lower than its book value.
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On December 31, 2014, Carry On Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2015, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. Assume that on February 2, 2015, Carry On Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. If there is not an answer type no journal entry.
a. Record the reversal of a customer account previously written off in the amount of $500.
b. Record the receipt of cash of $500 from the customer.
Answers
The accounts receivable of Carry On Fitness reveals a balance of $800,000, $55,000 for allowance for doubtful accounts. Based on this , the transactions can be recorded in the journal as below.
The journal entries to record the given transaction on
February 2, 2015 are:
a. Record the reversal of a customer account previously written off in the amount of $500.
Dr. Allowance for Doubtful Accounts $500
Cr. Accounts Receivable $500
Explanation: When a customer account previously written off has been paid, the company will reverse the write-off entry that was done before. Since it is only $500 that has been paid, we have to debit Allowance for Doubtful Accounts and credit Accounts Receivable with the same amount.
b. Record the receipt of cash of $500 from the customer.
Dr. Cash $500
Cr. Accounts Receivable $500
Explanation: When the customer whose account was written off pays the balance, the company will record journal entry of the receipt of cash from the customer. We will debit Cash and credit Accounts Receivable with the same amount, i.e., $500. Hence, this journal entry will be used to record the receipt of cash.
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Name the choreographic element that encourages dancers to rely on musical cues, visual connections, and emotional phrasing.
Answers
The choreographic element that encourages dancers to rely on musical cues, visual connections, and emotional phrasing includes the time, energy, and space
What is the meaning of Choreography?In art, a choreography means the way in which an idea is expressed physically through dance. When developing this concept, the users usually relies on important principles of organization to ensure that the idea takes a clear, appropriate, and aesthetically pleasing form.
These are principles that comprises the basic ingredients for the dancers' movements and patterns and help the choreographer utilize space, express intention and the music, and organize the dancers.
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Mitch and his friends are planning a trip to the Tsunami Springs water park. The employee Mitch spoke to on the phone said the total cost for all 7 of them would be $154. This includes an entrance ticket and a $5 tube rental fee for each person. What is the cost of an entrance ticket
Answers
Answer:
Entrance ticket is $17.
Explanation:
Using a expression we can see the costs.
E - Entrance Ticket
T - Tube rental fee
7E + 7T = 154
Substitute T for the $5 that we know is the cost for tube rental.
7E + 7(5) = 154
7E + 35 = 154
-35 -35
7E = 119
/7 /7
E = $17
Answer:
Explanation:
In a Q sptem, the domand rate for strawbecty ice cream is nocmetly distributod, with an averaige of 305 piets per week. The lead sime is 5 weoks. The standard deviaton of woekly demand is 10 pints. Feler to the siandard neemal table for 2 -values. a. The standard deviation of demand durng the 5-week lead time in pints. (Enter your response rounded to the nosarest whole number)
Answers
The standard deviation of demand during the 5-week lead time is 22 pints when the standard deviaton of weekly demand is 10 pints.
To calculate the standard deviation of demand during the 5-week lead time, we can use the formula:
Standard Deviation = √(Lead Time × Variance)
First, we need to find the variance of demand during the 5-week lead time. The variance is the square of the standard deviation, so we can use the formula:
Variance = (Standard Deviation)^2
Average demand per week = 305 pints
Standard deviation of weekly demand = 10 pints
Lead time = 5 weeks
We know that the variance is equal to the square of the standard deviation. So, let's calculate the variance:
Variance = (10)^2 = 100
Now, we can calculate the standard deviation of demand during the 5-week lead time:
Standard Deviation = √(5 × 100) = √500 = 22.36
Rounded to the nearest whole number, the standard deviation of demand during the 5-week lead time is 22 pints.
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Which is an example of a small business showing social responsibility to individuals within the company?
A. starting an office recycling program
B. developing sustainable business practice
C. donating money to local organizations
D. allowing employees to work from home
Answers
Starting an office recycling program, developing sustainable business practice and donating money to local organizations are examples of a small business showing social responsibility to individuals within the company.
Company have a social responsibility to the communities in which they operate. This includes ensuring that they are good corporate citizens, providing support for local causes and charities, and protecting the environment.
Sustainable business is a term that is often used to describe businesses that are environmentally friendly or that have a positive social impact.
Hence, the correct options are "A, B & C".
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What caused the change in the yen's exchange rate? According to this graph, how has the yen's exchange rate changed?.
Answers
Answer: demand decreased
and
it has fallen
Explanation:
hope this helps <3
Decrease in demand has caused the change in the yen's exchange rate. Due to decrease in demand yen’s exchange rate has fallen.
What is exchange rate?The value of one country's currency in comparison to that of another or an economic region is known as the exchange rate. The majority of exchange rates are free-floating and fluctuate according to market supply and demand. There are some exchange rates that are restricted and not free-floating; instead, they are tied to the value of other currencies.
Exchange rates are typically either free-floating or set. Changes in the foreign currency market cause a free-floating exchange rate to rise and decrease. The value of one currency is linked to a set exchange rate. Spot rates, often known as cash values or market values, are one type of exchange rate that might exist. An exchange rate may also have a forward value, which is determined by predictions of the currency's future worth in relation to its current spot price.
Changes in the foreign currency market cause a free-floating exchange rate to rise and decrease. The value of one currency is linked to a set exchange rate. Spot rates, often known as cash values or market values, are one type of exchange rate that might exist. An exchange rate may also have a forward value, which is determined by predictions of the currency's future worth in relation to its current spot price. For example, USD stands for the United States dollar, while EUR stands for the Euro. EUR/USD is the currency pair that represents the dollar and the euro. It's USD/JPY, or dollar to yen, in the case of the Japanese yen. A conversion rate of 100 means that one dollar equals 100 yen.
One notable example of a nation with a restricted rate structure is China. The Chinese yuan is a currency that the government also controls. The Chinese government decides on a midpoint value for the currency each day, which gives the yuan a trading range of 2% from the midpoint.
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The period before a trial takes place is called the
a
O A. pre-trial phase
O B. complaint stage
O C. negotiation phase
D. post-trial period
Answers
Answer:
The answer would be A.
Explanation:
Discovery process, finding the facts.
You just received a loan from your banker to buy seed and plant your alfalfa field. The loan is a discount loan and is for $5,000 for 1 year and the quoted rate was 10%. What is your APR?
Answers
Answer:
Apr = 11.11%
Explanation:
Given:
Discounted amount = $5,000
Number of year = 1
Quoted rate = 10%
Find:
APR
Computation:
Actual loan amount = $5,000[100%/(100%-10%)]
Actual loan amount = $5,000[100%/(90%)]
Actual loan amount = $5,555.56
A = P(1+r)¹
5,555.56 = 5,000( 1 + r )
1.1111 = 1 + r
APR = 0.1111
Apr = 11.11%
If you are relying on self-control, commitment, and shared influence to manage your team, which form of structural control are you using
Answers
If you are relying on self-control, commitment, and shared influence to manage your team is clan control.
Clan control is when the values and beliefs of the organization operates more like a family than a company. It should be noted that in clan control, there are few rules and policies that are out in place by the organization.
If you are relying on self-control, commitment, and shared influence to manage your team is clan control. It mostly relies on the trust of the employees. This is different from bureaucracy.
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An advantage of a corporation is that
A. owners pay fewer taxes than owners of other forms of business.
B. the business is subject to little government intervention.
C. owners have limited liability for debt.
D. owners have direct and immediate control over daily management of the business.
Answers
Answer:
C. Owners have limited liability for debt
When preparing a business message, you should make your writing audience oriented. Audience oriented means a. attempting to get your audience to believe and accept your message. b. writing to solve a problem or convey information. c. presenting ideas clearly but concisely. d. concentrating on looking at the message from the receiver's perspective.
Answers
Answer:
D. Concentrating on looking at the message from the receiver's perspective.
Explanation:
When writing a business message, it is important to ensure that the perspective of the receiver is considered. There are two sides to a message; the speaker and the receiver. By making a business writtings audience oriented, it means that thoughts of the receiver or audience is considered alongside the message.
Although other skills such as; present ideal clearly but concise, attempt to get your audience to believe and accept your message, write to solve a problem or convey information are essential qualities of business writtings, yet do not point to audience oriented message.