Business, 24.02.2020 19:43, gildedav001
At the beginning of 20X6, Duggin Corp.'s "Allowance for Uncollectible Accounts" had a credit balance of $15,000.
During 20X6, account receivable balances totaling $20,000 were specifically written-off as being uncollectible.
As a result of the above, which of the following statements is true immediately after these specific write-offs?
a. The "Allowance for Uncollectible Accounts" account has a debit balance of $5,000 which implies that last year's estimate of bad debts was underestimated (too low).
b. The "Allowance for Uncollectible Accounts" account has a credit balance of $35,000 which implies that last year's estimate of bad debts was overestimated (too high).
c. The "Allowance for Uncollectible Accounts" account has a credit balance of $35,000 which implies that last year's estimate of bad debts was underestimated (too low).
d. The "Allowance for Uncollectible Accounts" account has a debit balance of $5,000 which implies that last year's estimate of bad debts was overestimated (too high).
Answers: 3
Business, 22.06.2019 17:00, vistagallosky
Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.
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Business, 22.06.2019 20:30, andrejr0330jr
Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)
Answers: 3
Business, 23.06.2019 16:50, mez59
One important outcome of edwin james' expedition reports is thata illustrations of bison encouraged americans to hunt them to near extinctionb accounts of rich, fertile soil encouraged americans to settle the landcdescriptions of inhospitable land discouraged colonization for many yearsd. depictions of hostile native tribes discouraged colonization for many years
Answers: 2
Business, 23.06.2019 20:00, johnny2585
Problem 9–7 preparing financial statements the general ledger accounts and balances for kits & pups grooming follow.
Answers: 2
At the beginning of 20X6, Duggin Corp.'s "Allowance for Uncollectible Accounts" had a credit balance...
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