Business, 26.11.2019 19:31 tabbydory3366

During year 1, kylie department store had total sales of $6,000,000, of which 60% were on credit. during the year, $2,000,000 cash was collected on credit sales. the beginning balance in accounts receivable (on january 1 of year 1) was $330,000. the beginning balance in the allowance for bad debts (on january 1 of year 1) was $40,000. the amount of accounts written off as uncollectible during the year was $54,000.
management has performed an aging analysis on its accounts receivable. the end result of this aging analysis is that the balance in the allowance for bad debts as of the end of year 1 should be $100,000.
which one of the following is included in the journal entry necessary at the end of the year to record bad debt expense for the year?
a. debit to bad debt expense for $100,000
b. debit to allowance for bad debts for $100,000
c. debit to accounts receivable for $100,000 debit to bad debt expense for $114,000
d. debit to allowance for bad debts for $114,000
e. debit to accounts receivable for $114,000

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 09:30

Darlene has a balance of 3980 on a credit card with an apr of 22.8% paying off her balance and which of these lengths of time will result in her paying the least amount of interest?

Answers: 2

Answer

Business, 22.06.2019 19:30

Exercise 4-9presented below is information related to martinez corp. for the year 2017.net sales $1,399,500 write-off of inventory due to obsolescence $80,440cost of goods sold 788,200 depreciation expense omitted by accident in 2016 43,600selling expenses 65,800 casualty loss 53,900administrative expenses 53,500 cash dividends declared 43,300dividend revenue 22,100 retained earnings at december 31, 2016 1,042,400interest revenue 7,420 effective tax rate of 34% on all items exercise 4-9 presented below is information relateexercise 4-9 presented below is information relate prepare a multiple-step income statement for 2017. assume that 61,500 shares of common stock are outstanding. (round earnings per share to 2 decimal places, e.g. 1.49.)prepare a separate retained earnings statement for 2017. (list items that increase retained earnings first.)

Answers: 2

Answer

Business, 23.06.2019 00:10

Special order carson manufacturing, inc., sells a single product for $36 per unit. at an operating level of 8,000 units, variable costs are $18 per unit and fixed costs $10 per unit. carson has been offered a price of $20 per unit on a special order of 2,000 units by big mart discount stores, which would use its own brand name on the item. if carson accepts the order, material cost will be $3 less per unit than for regular production. however, special stamping equipment costing $4,000 would be needed to process the order; the equipment would then be discarded. assuming that volume remains within the relevant range, prepare an analysis of differential revenue and costs to determine whether carson should accept the special order. use a negative sign with answer to only indicate an income loss from special order; otherwise do not use negative signs with your answers.

Answers: 2

Answer

Business, 23.06.2019 01:00

The huntington boys and girls club is conducting a fundraiser by selling chili dinners to go. the price is $7 for an adult meal and $4 for a child’s meal. write a program that accepts the number of adult meals ordered and then children's meals ordered. display the total money collected for adult meals, children’s meals, and all meals.

Answers: 2

Answer

You know the right answer?

During year 1, kylie department store had total sales of $6,000,000, of which 60% were on credit. du...

Questions