During the year ended December 31, 2018, Kelly’s Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2018, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2018 amounted to $68,000. Data during 2018 follow: On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. Required: Give the required journal entries for the two events in December. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2018. On the basis of the data available, does the 2 percent rate appear to be reasonable?
Answers: 1
Business, 22.06.2019 07:30
When selecting a savings account, you should look at the following factors except annual percentage yield (apy) fees minimum balance interest thresholds taxes paid on the interest variable interest rates
Answers: 1
Business, 22.06.2019 21:00
Describe what fixed costs and marginal costs mean to a company.
Answers: 1
Business, 22.06.2019 21:20
What business practice contributed most to andrew carnegie’s ability to form a monopoly?
Answers: 1
Business, 23.06.2019 08:20
Suppose that a candy maker owns a building and is renting part of the building's space to a doctor. further suppose that because the candy maker is the owner, he has the right to make noise during the day while he makes candy. while the doctor cannot insist on a quiet environment, the doctor could move to a quieter building. however, rent in the next best building is $350/month more than rent in the noisy building. the candy maker can adopt a new technology that eliminates the noise for $275/month. given this situation, can the doctor find a private solution with the candy maker that will make both better off?
Answers: 2
During the year ended December 31, 2018, Kelly’s Camera Shop had sales revenue of $170,000, of which...
Mathematics, 08.03.2021 21:20
Computers and Technology, 08.03.2021 21:20
Social Studies, 08.03.2021 21:20
History, 08.03.2021 21:20
Mathematics, 08.03.2021 21:20
Mathematics, 08.03.2021 21:20
Mathematics, 08.03.2021 21:20
English, 08.03.2021 21:20
English, 08.03.2021 21:20
Computers and Technology, 08.03.2021 21:20
Biology, 08.03.2021 21:20