Searcy has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2020, it is learned that the company’s receivable from Hutley Inc. is not collectible and therefore management authorized a write-off of $8,000. The journal entry to record the write-off will include a Select one: a. Debit to Bad Debts Expense. b. Debit to Sales. c. None of the above d. Credit to Accounts Receivable. e. Credit to the Allowance for Doubtful Accounts.
Answers: 1
Business, 22.06.2019 10:50
Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. the market value of the building is $120,000. she pays $35,000 per year for flowers and other supplies, and has a bank account that pays 5 percent interest. what is the economic cost of jen's business?
Answers: 3
Business, 22.06.2019 16:20
The following information relates to the pina company. date ending inventory price (end-of-year prices) index december 31, 2013 $73,700 100 december 31, 2014 100,092 114 december 31, 2015 107,856 126 december 31, 2016 123,009 131 december 31, 2017 113,288 136 use the dollar-value lifo method to compute the ending inventory for pina company for 2013 through 2017.
Answers: 1
Business, 22.06.2019 17:10
At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)
Answers: 3
Searcy has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On Jan...
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