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Question - Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $119,000 of services on account. In 2021, the company wrote off uncollectible accounts of $4,800. By the end of 2021, cash collections on accounts receivable totaled $100,800. Pincus estimates that 5% of the accounts receivable balance at 12/31/2021 will prove uncollectible.
Required - What journal entry did Pincus record to write off uncollectible accounts during 2021 and to recognize bad debt expense for 2021?
q1in this area we will discuss the significance of the accounting equation the rules of debit and credit and the steps
the heating division of klm international produces a heating element that it sells to its customers for 40 per unit.
Evaluate and summarize the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Why is this important? How will it be implemented? How are these standards regulated? Who r..
The Olde Yogurt Factory has reduced the price of its popular Mmmm Sundae from $2.25 to $1.75. As a result, the firm's daily sales of these sundaes have increased from 1,500/day to 1,800/day. Compute the arc price elasticity of demand over this pri..
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This is discussion based question, the topic is based on pricing strategies and relates to certain pricing models covered pricing decisions and profitability analysis (in 400 words and no point form).
Zazi Ltd was registered on 1 July 2016 with an authorised share capital consisting of 80 000 ordinary shares. What is the correct number of shares subscribed
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