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Question - Tooele Company's controller estimated bad debt expense using the percentage of accounts receivable method. Total sales for the year were $500,000 of which 250,000 are on account. The ending balance in accounts receivable was $100,000. An examination of the outstanding accounts at the end of the year indicates that approximately 12 percent of these accounts will ultimately prove to be uncollectible. Before any adjusting entries, the balance in the Allowance for Doubtful Accounts is $700 (CREDIT). Record the correct adjusting entry to record bad debt expense for the year.
-But now assume the balance in the Allowance for Doubtful Accounts before adjusting entries is a $700 DEBIT. Record the correct adjusting entry to record bad debt expense for the year.
-The company now decides to use the Percentage of Credit Sales Method for estimating uncollectible accounts. Tooele Company estimates that 5% of total credit sales will ultimately prove to be uncollectible. Record the correct adjusting entry to record bad debt expense for the year.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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