Business, 12.12.2019 20:31 kylecharlton
Acompany had credit sales of $5.0 million for the year and estimates its bad debts to be 1% of net credit sales. the accountant for the company is thinking about switching to the aging of accounts receivable method, and after preparing the aging schedule, the estimate of uncollectible accounts at year-end equals $48,000. accounts receivable has a $450,000 debit balance, and the allowance for doubtful accounts has a credit balance of $3,000 prior to adjustment.
a. the journal entry to adjust the books when the net credit sales method is used to account for bad debts will be: debit and credit?
b. the journal entry to record bad debts expense when theaging of accounts receivable method is used would be: ?
c. what will be the ending balance in the allowance fordoubtful accounts after the accounts have been adjusted when the net credit sales method was used?
d. what will be the ending balance in the allowance for doubtful accounts after the accounts have been adjusted when theaging of accounts receivable method was used ?
e. what is the net realizable value of accounts receivableafter adjustment when the net credit sales method is used?
Answers: 2
Business, 21.06.2019 19:30
Clonex labs, inc., uses the weighted-average method in its process costing system. the following data are available for one department for october: percent completed units materials conversion work in process, october 1 53,000 90 % 65 % work in process, october 31 29,000 74 % 52 % the department started 381,000 units into production during the month and transferred 405,000 completed units to the next department. required: compute the equivalent units of production for october.
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Business, 22.06.2019 09:50
Beck company had the following accounts and balances at the end of the year. what is net income or net loss for the year? cash $ 74 comma 000 accounts payable $12,000 common stock $21,000 dividends $12,000 operating expenses $ 13 comma 000 accounts receivable $ 49 comma 000 inventory $ 47 comma 000 longminusterm notes payable $33,000 revenues $ 91 comma 000 salaries payable $ 30 comma 000
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Business, 22.06.2019 11:00
The following information is available for ellen's fashions, inc. for the current month. book balance end of month $ 7 comma 000 outstanding checks 700 deposits in transit 4 comma 500 service charges 120 interest revenue 45 what is the adjusted book balance on the bank reconciliation?
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Business, 22.06.2019 20:20
Which statement is not true about a peptide bond? which statement is not true about a peptide bond? the peptide bond has partial double-bond character. the carbonyl oxygen and the amide hydrogen are most often in a trans configuration with respect to one another. rotation is restricted about the peptide bond. the peptide bond is longer than the typical carbon-nitrogen bond.
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Acompany had credit sales of $5.0 million for the year and estimates its bad debts to be 1% of net c...
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