Lenox Corp. sold merchandise for $5,000 to M. Baxter on May 15, 2016, with payment due in 30 days. Subsequent to this, Baxter experienced cash-flow problems and was unable to pay its debt. On August 10, 2016, Lenox stopped trying to collect the outstanding receivable from Baxter and wrote off the account as uncollectible. On December 1, 2016, Baxter sent Lenox a check for $1,000 and offered to sign a two-month, 9%, $4,000 promissory note to satisfy the remaining obligation. Baxter paid the entire amount due Lenox, with interest, on January 31, 2017. Lenox ends its accounting year on December 31 each year and uses the allowance method to account for bad debts. Required
1. Prepare all of the necessary journal entries on the books of Lenox Corp. from May 15, 2016, to January 31, 2017.
2. Why would Baxter bother to send Lenox a check for $1,000 on December 1 and agree to sign a note for the balance, given that such a long period of time had passed since the original purchase?

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)

At cooly cola, we are testing the appeal of our new diet one cola. in a taste test of 250 randomly chosen cola drinkers, 200 consumers preferred diet one cola to the leading brand. assuming that the sample were large enough, the large-sample 95% confidence interval for the population proportion of cola drinkers that prefer diet one cola would be:

Use the following account numbers and corresponding account titles to answer the following question. account no. account title (1) cash (2) merchandise inventory (3) cost of goods sold (4) transportation-out (5) dividends (6) common stock (7) selling expense (8) loss on the sale of land (9) sales which accounts would appear on the income statement?