Business, 21.02.2020 23:44 paralaw61772

Alpha Company uses an allowance method for recording bad debts. On July 15, 2016 Alpha Company was advised of the bankruptcy of the Broken Corporation and wrote off their $7,000 of accounts receivable. Suddenly, on August 25, 2016 Broken won the Maryland State Mega Millions. Without warning, on August 26, Alpha Company received in full the payment for Broken's past debt. Use this information to prepare the General Journal entries (without explanation) for the August 26, 2016 event. If no entry is required then write "No Entry Required."

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 19:20

Which of the following statements is true? a. financial investment refers to the creation and expansion of business enterprisesb. economic investment refers to the creation and expansion of business enterprisesc. economic investment refers to the purchase of assets such as stocks, bonds, and real estated. both economic and financial investment refer to the purchase of assets such as stocks, bonds, and real estate

Answers: 2

Answer

Business, 22.06.2019 14:10

Carey company is borrowing $225,000 for one year at 9.5 percent from second intrastate bank. the bank requires a 15 percent compensating balance. the principal refers to funds the firm can effectively utilize (amount borrowed − compensating balance). a. what is the effective rate of interest? (use a 360-day year. input your answer as a percent rounded to 2 decimal places.) b. what would the effective rate be if carey were required to make 12 equal monthly payments to retire the loan?

Answers: 1

Answer

Business, 22.06.2019 16:40

An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?

Answers: 3

Answer

Business, 22.06.2019 20:00

Ryngard corp's sales last year were $38,000, and its total assets were $16,000. what was its total assets turnover ratio (tato)? a. 2.04b. 2.14c. 2.26d. 2.38e. 2.49

Answers: 1

Answer

You know the right answer?

Alpha Company uses an allowance method for recording bad debts. On July 15, 2016 Alpha Company was a...

Questions