g craigmont uses the allowance method to account for uncollectible accounts. its year-end unadjusted trial balance shows accounts receivable of $118,500, allowance for doubtful accounts of $805 (credit) and sales of $995,000. if uncollectible accounts are estimated to be 6% of accounts receivable, what is the amount of the bad debts expense adjusting entry?

Answers

Answer 1

Here, bad debt charge is credited for decreasing the assets and debited for increasing the expenses.Additionally, the assets and expenses both have a regular debit balance.

What is the bad debt expense adjusting entry's dollar amount?

By debiting the accounts receivable account and crediting the bad debt expense account, respectively,

For instance, if customer Lucy has a $125 invoice that is 91 days overdue, your bad debt expense journal entry would seem as follows:

Bad Debt A/c Dr                                     $7,105

      To Allowance for Doubtful Debts                 $7,105

The computation is shown below:

Amount Uncollectible is

= $128,500 × 6%

= $7,710

Now the bad debt is

= $7,710 - $905

= $7,105

The adjsuting entry would be

Bad Debt A/c   Dr                                   $7,105

      To Allowance for Doubtful Debts                $7,105

(being bad debt expense is recorded)

here bad debt expense is debited as it increased the expenses and credited the allowance as it decreased the assets. Also the expenses and assets contains normal debit balance

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Related Questions

Which sector has lost more jobs due to technological changes than the manufacturing sector?
Multiple choice question.
a. Agricultural
b. Extraction
c. Raw materials
d. Service

Answers

Option (d), Due to technological advancements, the service sector has lost more jobs than the manufacturing sector.

In what ways has technology impacted the service sector?

The process is made simpler and the customer receives quick and dependable service with the use of technology in services. Every stage of the procedure can be automated, increasing customer satisfaction by reducing labor and time requirements.

Would the advancement of technology lead to employment losses?

Nowadays, digitalization affects every element of human existence. In many industries, structural unemployment may be a concern due to the substantial automation that has been brought about by the development and use of digital technology. The supply and demand for labor will consequently diverge in a short amount of time.

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The order fulfillment process involves which of the following functional areas of a​ business?
A. Manufacturing and​ production, human​ resources, and accounting.B.​ Sales, human​ resources, and manufacturing and production.C.​ Sales, human​ resources, and accounting.D. Human​ resources, accounting, and service.E.​ Sales, accounting, and manufacturing and production.

Answers

Answer:

E. Sales, accounting, and manufacturing and production.

Explanation:

Order fulfillment first takes place in the Sales department - where the Sales team makes known to the customer the products and services available. then the human resources selects talent to help with the production and manufacturing. Accounting function helps determine the cost.

t is possible for a business partnership to move to a bonding stage. T/F.

Answers

True, it is possible for a business partnership to move to a bonding stage.

This occurs when the partners establish trust and strong relationships, enhancing their collaboration and commitment to the shared goals.

Trust: Trust is the foundation of any healthy business partnership. It is built over time through consistent communication, reliability, and integrity. Trust allows partners to rely on each other, be open and transparent in their dealings, and have confidence in each other's abilities and intentions.

As trust grows, partners become more willing to share information, take risks together, and collaborate on strategic decisions. Trust is a key factor in moving a business partnership to a bonding stage, as it creates a solid foundation for further collaboration and commitment.

Strong relationships: Beyond trust, building strong relationships among business partners involves developing mutual respect, understanding, and shared values.

Partners who are genuinely interested in each other's success and well-being, and who invest time and effort in building a connection, are more likely to move to a bonding stage.

Strong relationships allow partners to communicate openly, address conflicts constructively, and understand each other's perspectives and needs.

It fosters a positive working environment where partners feel comfortable sharing their ideas, opinions, and concerns, leading to more effective collaboration and decision-making.

Collaboration and commitment: In the bonding stage of a business partnership, collaboration and commitment to shared goals are enhanced. Partners work together as a cohesive team, leveraging each other's strengths, skills, and expertise.

They actively support each other in achieving their individual and collective objectives. Partners in a bonding stage are committed to a shared vision, and their sense of accountability and responsibility towards the partnership and its goals is heightened.

They are willing to invest time, effort, and resources to achieve mutual success, and they align their interests and efforts towards common objectives.

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Accrued interest expense will appear on the income statement but not on the statement of cash flows. This statement is.

Answers

Answer:

True

Explanation:

This statement is true

Why is compound interest preferable to simple interest when investing?
оооо
Compound interest pays at least double the interest on the principal during each month.
Compound interest is paid by the week or by the month, not only once during a year.
Compound interest is based on the entire principal, not just a percentage of the principal.
O Compound interest pays interest both on the principal and the interest earned in each period.

Answers

Answer:

O Compound interest pays interest both on the principal and the interest earned in each period.

Explanation:

Compound interest is preferred as it measures the interest on the principal amount and the accrued interest. In the compounding interest, the interest i.e. earned should be added to the principal in order to create the new principal amount. The interest earned at the closing of every year should be more than the last period as the principal amount rises at the starting of the period

Also, the interest earned via the compound interest should be grown much faster as we compared to the fixed rate interest

Therefore the last option is correct

Answer:

d. Compound interest pays interest both on the principal and the interest earned in each period

Explanation:

mashasito is borrowing $18,000 to buy a car. the terms of the loan call for monthly payments for three years at 6 percent interest. what is the amount of each payment?

Answers

The amount of each payment is $547.59.

Payment Amount means any loan advance unpaid administrator advance, unpaid indemnification liability, or any other amount required to be funded by Lender under this Agreement. Monthly installments are the amounts paid each month to pay off the loan over the term of the loan.

When you take out a loan, you have to repay not only the principal and the amount you borrowed, but also accrued interest. The total invoice amount is the expected payment amount on the invoice date. This includes opening balances new purchases fees, funding costs less previous payments, or other outstanding balances.

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Which are functions of money? Select the three correct answers.
A store of value
B. producer of resources
C. unit of account
D. medium of exchange
DE record of finances
F. unit of output

Answers

Answer:

A store of value

C. unit of account

D. medium of exchange

Explanation:

Money has four main functions. They are

The medium of exchange: It the most widely used and accepted instrument for the exchange of goods and servicesUnit of account: Money provides a standard measure of the value of goods and services being exchanged. Store of value: Money is known to keep its value for some period.  this enables other commodities, both perishable and non-perishables, to be assigned monetary values Standard of future payments: This function allows for trade to be done on credit terms.

Suppose an investment that promises to pay $10,000 in one year is offered for sale for $9,500. Your interest rate is 5%. Should you invest?

Answers

Yes, you should invest in this case. The present value of the investment is $9,523.81, which is greater than the cost of the investment.

This means that you are getting a good deal on the investment, as you are paying less than the present value of the future cash flows.

The present value of an investment is the value of the investment today, taking into account the time value of money. The time value of money means that a dollar today is worth more than a dollar in the future, due to the fact that you can earn interest on the dollar today.

In this case, the present value of the investment is calculated as follows:

Present Value = Future Value / (1 + Interest Rate)^Time

Use code with caution. Learn more

Present Value = $10,000 / (1 + 0.05)^1

Use code with caution. Learn more

Present Value = $9,523.81

As you can see, the present value of the investment is $9,523.81, which is greater than the cost of the investment.

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Read the scenario.
Madison received $100 as a holiday gift. She used it to buy 50 mineral infused candles for $2
each. Then, she walked around the neighborhood and sold the candles for $4 each.
R
What factors of production did Madison use?

Answers

Answer:

1/34

Explanation:

Answer:

all four factors of production

Explanation:

I just took the test now and got it right

What else can be added as a bonus to employees to keep them at your company?

Answers

Answer:

Explanation:

Maybe give them a raise

Write a scenario that will help you understand the following word or topic and show me that you understand their importance.

Criticism - is the practice of judging the merits and faults of something. Criticism as an
evaluative or corrective exercise can occur in any area of human life. In specific areas of
human endeavor, the form of criticism can be highly specialized and technical; it often requires professional knowledge to understand the criticism.

Answers

Criticism is the practice of judging the merits and faults of something. Criticism as an evaluative or corrective exercise can occur in any area of human life.

Write a scenario that will help you understand criticism?

You are a film director and your latest film has just been released. You're excited to see what people think of your work, but when you read the reviews, you are met with a lot of criticism. Some reviewers claim the acting was lackluster, others say the plot was confusing, and a few even say that the special effects were underwhelming.

At first, you feel disheartened and defensive. But after some reflection, you realize that criticism can be a valuable tool for growth and improvement. You start to take the criticism seriously and use it to inform your future work. You work on improving your acting direction, make sure that your plots are clearer, and pay more attention to the special effects.

A year later, you release a new film and it is met with widespread praise. Critics call it a major improvement over your previous work and praise the acting, plot, and special effects. You realize that criticism is an important part of the creative process and can help you become a better filmmaker.

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assume an unlevered firm changes its capital structure to include $4 million in permanent debt at a 7% interest rate. the tax rate is 21%. according to mm i with taxes, the value of the firm will increase by how much due to this change in capital structure?

Answers

According to MM I with taxes, the value of the firm will increase by the amount of tax shields generated by the interest payments on the new debt. The tax shield is calculated as the interest rate multiplied by the amount of debt multiplied by the tax rate, which in this case would be 0.07 x $4 million x 0.21 = $0.588 million.

Therefore, the value of the firm will increase by $0.588 million due to the change in capital structure. It is important to note that this assumes that the firm's operating income remains constant and that there are no other costs or benefits associated with the change in capital structure. Additionally, this model is based on certain assumptions and may not hold true in all situations.

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What are some ways that you’ve seen department stores, online stores, or social media ads try to activate the amygdala and encourage you to buy products?.

Answers

Pull back the curtain - Customers want to feel like they have a relationship with a brand.

Teach your followers - Businesses often create posts that talk directly about their product, such as discussing features and why someone should buy it.

Make them laugh - Companies often err on the side of being too serious and businesslike.

Share interesting content - By sharing content from other businesses and people who are interesting and relevant to your followers, you can build trust and increase your value.

A company is a prison entity fashioned through a group of people to engage in and operate a commercial enterprise—commercial or industrial—business enterprise. An employer may be prepared in diverse methods for tax and monetary legal responsibility functions depending on the corporate regulation of its jurisdiction.

An organization is a form of enterprise structure that may be a separate felony entity from its owners. It's a complicated business shape, with higher set-up and administrative fees due to more reporting requirements and higher-stage prison responsibilities.

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an online survey or _____?​

Answers

Answer:

Study

Explanation:

A project has an initial cost of $40,000, expected net cash inflows of $8,000 per year for 11 years, and a cost of capital of 10%. What is the project's NPV? (Hint: Begin by constructing a time line.) Do not round intermediate calculations. Round your answer to the nearest cent.

Answers

Answer:

the net present value is $11,961

Explanation:

The computation of the project NPV is as follows;

The net present value is

= Present value of cash inflows - initial investment

= $8,000 × PVIFA factor for 11 years at 10% - $40,000

= $8,000 × 6.4951 - $40,000

= $51,961 - $40,000

= $11,961

Hence, the net present value is $11,961

The same is to be considered

a regressive tax is a tax that requires people with incomes to pay a share of their income in tax than people with lower incomes. select the correct answer below: lower, smaller higher, smaller lower, proportional higher, bigger

Answers

A regressive tax is a tax that requires people with lower incomes to pay a larger share of their income in tax than people with higher incomes. In other words, as income decreases, the tax burden increases disproportionately. This is in contrast to a progressive tax, in which the tax burden increases as income increases.

This is a more fair approach, as it places a greater burden on those who can afford it.  In a regressive tax system, those with the lowest incomes are often hit the hardest, which can lead to economic hardship and even poverty. This is because these individuals have less disposable income to begin with, and so a greater percentage of their earnings goes towards paying taxes.

In a regressive tax system, those with the lowest incomes are often hit the hardest, which can lead to economic hardship and even poverty. This is because these individuals have less disposable income to begin with, and so a greater percentage of their earnings goes towards paying taxes. This can also lead to a widening income gap between the rich and the poor.

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Help Meee PLEASE, I need this by the next five minutes!!

When a GUI is so easy to use that you can perform most tasks without thinking about it, the GUI is considered _____.

Answers

When a GUI is so easy to use that you can perform most tasks without thinking about it, the GUI is considered intuitive

What does it mean to be intuitive

This tells us that the GUI is so easy to use that you can perform most tasks without thinking about it. The intuitive part if the GUI tells us that it is user-friendly and easy to understand

Hence the user is able to navigate and perform tasks without needing any special instructions or training.

It will then lead to saving of time and increased efficiency and productivity.

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Managerial economist estimates the price-quantity relationship for Textile Company to be p= 40-4q a. At what output rate demand is unitary elastic? b. Over what range of output demand is elastic? c. Over what ranges of the output of demand are inelastic?

Answers

Answer:

So unit elastic at q = 5

inelastic above 5

and elastic below 5

Explanation:

The elasticity is determianted by the marginal revenue.

Our first goal is to find the marginal revenue function

p = 40 - 4q

total revenue(TR)  =  quantity times price

q x (40 - 4q) = -4q^2 +40q

marginal revenue TR(q)/d(q)  = -8q + 40

Now, with this fuction the economic analisys states that a demand is unit elastic when marginal revenue is zero.

It will be inelastic below zero and elastic above zero

MR will be zero when q = 5

-8(5) + 40 = 0

As quantity increases the demand will be inelastic

while

what occurs when the free market is not able to allocate resources and goods and services efficiently​

Answers

Answer: Market failure

Explanation:

When the free market is not able to allocate resources and goods and services efficiently​, this situation is referred to as market failure.

Market failure brings about disequilibrium in the market as the quantity supplied and the quantity demanded aren't in equilibrium anymore as there's market distortion. It takes place when the quantity of good. The distortion may be as a result of monopoly power.

Which term describes a situation where the quantity of output rises, but the average cost of production falls?.

Answers

Answer: Economies of scale

Economies of scale describe a situation where the quantity of output rises, but the average cost of production falls.

What do economies of scale result in a fall in?

Economies of scale additionally result in a fall in common variable fees (average non-constant fees) with growth in output. this is brought about by means of operational efficiencies and synergies because of a boom within the scale of production.

Examples of economies of scale consist of accelerated purchasing power, community economies, and technical, economic, and infrastructural. While a firm grows too large, it may be afflicted by the alternative diseconomies of scale. that is wherein unit expenses start to grow to be extra high priced, due to increasing size.

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Abdul buys all his machinery on credit. He provided the following information.
at 30 April 2020
$
at 30 April 2021
S
30 000
42000
machinery at cost
amounts owing to suppliers of machinery
19000
?
During the year Abdul paid $25000 to the suppliers of his machinery.
How much did he owe them on 30 April 2021?
A
$6000
B
$13 000
C $17000
D
$32000

Abdul buys all his machinery on credit. He provided the following information.at 30 April 2020$at 30

Answers

The Answer to this is $6,000.

Because the machine went up $12000, you would add $12000 to the 19000

making it 31000.

31000-25000=6000

1. Goals of UAE organizations concerned with the Child Protection Law and the reasons for its inception​

Answers

Answer:

The answer is below

Explanation:

The goals of UAE organizations concerned with the Child Protection Law and the reasons for its inception​ are the following:

1. No Poverty: as a result of poverty in some rural areas which is affecting children's development in UAE, the government has made it official to eradicate poverty in those areas.

2. Education for All: this is to ensure that children of age 6 to 18 or Grade 12, all have access to quality education, so as to boost literacy level in UAE

3. Social Support: this is to ensure those with the lowest income are able to cater to their children and afford a decent life.

If there is an error in a medication's expiration date on the manufacturer's label, what kind of recall is the fda most likely to request?

Answers

FDA is most likely to request recall of class III.

Recall means a firm's removal or correction of a marketed product that the FDA considers to be in violation of the laws it administers and against which the agency would initiate legal action, e.g., seizure. Recall does not include a market withdrawal or a stock recovery.

Recall is a voluntary action that takes place because manufacturers and distributors carry out their responsibility to protect the public health and well-being from products that present a risk of injury or gross deception or are otherwise defective. 21 CFR 7 provides guidance so that responsible firms may conduct an effective recall.

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To examine
the weekly payroll of all employees, one would look at the:

Answers

To examine the weekly payroll of all employees, one would look at the: d. payroll register.

What is the payroll register?

The payroll register is a book or record that is used to fill in the details of all the employees and their payment logs. A record of this register is often kept in good condition in case of any future discrepancies that will have to be resolved.

A person who wants to examine the weekly payroll of all employees in an organization must be able to look at the payroll register to know what is obtainable. There, he would find the names of the employees, their job roles and payment record.

Options:

a. W-4

b. employee earnings record

c. W-2

d. payroll register.

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Help needed ASAP! Will give brainliest;) Try to help on my other questions:)

Entrepreneurs file a DBA document when using another name for their company. Why are DBA’s necessary?

A). DBA’s provide trademarking of the company logo.

B). DBA’s provide identification for taxes.

C). DBA’s are needed to open bank accounts.

Answers

The answer to your question Is b.

Company A is raising $1 million at its initial public offering (IPO) by issuing 2,000 shares of stock?

Answers

The value of each share if you calculate it as $1,000,000/2,000 =500.

What is stock?

A stock is referred to as a kind of ownership of certain items. When an individual holds stocks or shares in the market they are entitled as a stockholder or shareholder and liable for some dividend.

The process of announcing new shares of stock to the people for the first time in a private company is known as an initial public offering (IPO). An IPO allows a company to request equity capital from the general public.

The business has grown as a pre-IPO private company with a very small number of proprietors who own the stock in the company.

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The complete question is Probably

Company A is raising $1 million at its initial public offering (IPO) by issuing 2,000 shares of stock. What is the value of each share if you calculate it as $1,000,000/2,000 =

True or false: Saving files to provide an audit trail and review any remediations is not at all critical.

Answers

This is false. Saving files to provide an audit trail and review any remediations is not at all critical.

What is the audit trail?

This is the term that is used to refer to the record of changes that have occurred in a given database.

The audit trail is used to show the sequence of activities that have taken place that may have an effect in the database.

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education opens the door to employment.

Answers

Answer:

yes education opens the door to employment as Education give us a new identity and talent which people are looking for the employment. Education can lead to success and employement.

Yes correct perfect

On average, a person with a bachelor's degree earns
than a person
with an associate degree and
than a person with a master's
degree.

Answers

Answer:

More than a person with an associate degree and less than a person with a masters degree.

Explanation:

When a customer makes a request or complaint, the goal of customer service is to

Answers

Answer:

is to listen their complaint carefully and what you can do for him or her you have to do this your duty

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