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Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $44,000 during the first three months of 2012, and that the Accounts Receivable balance on March 31, 2012, is $22,867. Required 1. Prepare the adjusting entry needed for Business Solutions to recognize bad debts expense on March 31, 2012, under each of the following independent assumptions (assume a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31). a. Bad debts are estimated to be 1% of total revenues. (Round amounts to the dollar.) b. Bad debts are estimated to be 2% of accounts receivable. (Round amounts to the dollar.) 2. Assume that Business Solutions' Accounts Receivable balance at June 30, 2012, is $20,250 and that one account of $100 has been written off against the Allowance for Doubtful Accounts since March 31, 2012. If S. Rey uses the method prescribed in Part 1b, what adjusting journal entry must be made to recognize bad debts expense on June 30, 2012? 3. Should S. Rey consider adopting the direct write-off method of accounting for bad debts expense rather than one of the allowance methods considered in part 1? Explain.
Prepare the company's journal entry to record the credit card sales for April 13 assuming the company deposited the receipts that same day.
tamra corp. makes one product line. in february 2013 tamra paid 530000 in factory overhead costs. of that amount 124000
Which of the following is not true regarding Depreciation? a. Depreciation expense does not measure changes in market value. b. Depreciation expense reflects the decrease in market value each year.
Teddy's Supplies' CEO has asked you to advise him on the facts of the case and your opinion of their potential liability. He wants to settle the case. Write a memo to him that states your view of whether the company is exposed to liability on all ..
spice co. started the year with no inventory. during the year it purchased two identical inventory items. the inventory
you are in a job interview and your possible employer asks you to describe the differences between the flexible and the
does anyonecan anyone help with an advanced accounting quiz or a couple quiz and i pay for it write back with your
Over the past several years, Jacobian has seen that year-end allowance account has a debit balance before adjustment. The company wants an in-depth analyzes of bad debts and a determination as to which method to use. You have been hired to perform..
corporal inc. and admiral company compete with each other in the personal computer market. corporals primary strategy
discuss the compensation packages for accounting professionals. is the compensation commensurate with the
mr. and mrs. d file a joint return for the current year. mr. d is 67 years old and mrs. d is 52 years old. they provide
The actual variable overhead cost last month was $3,380 and the actual fixed overhead cost was $8,780. In the clinic's flexible budget performance report for last month, what would have been the variance for the total overhead cost?
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