The Exam Fun Co. had Accounts Receivable of $100,000 and a credit balance of $2,000 in Allowance for Doubtful Accounts on 12/31/10. The company estimates that 5% of the receivables will not be collected. Which of the following is the correct journal entry for recording the estimate of bad debt expense?A. dr. Bad Debt Expense 3,000 and cr. Allowance for Doubtful accounts 3,000
B. dr. Bad Debt Expense 5,000 and cr. Accounts Receivable 3,000
C. dr. Bad Debt Expense 5,000 and cr. Allowance for Doubtful Accounts 5,000
D. dr. Bad Debt Expense 7,000 and cr. Allowance for Doubtful Accounts 7,000
Answers: 3
Business, 22.06.2019 08:00, vandonquisenberry
Interest is credited to a fixed annuity no lower than the variable contract rate contract guaranteed rate current rate of inflation prime rate
Answers: 2
Business, 22.06.2019 16:20, AnhQNguyen6764
The following information relates to the pina company. date ending inventory price (end-of-year prices) index december 31, 2013 $73,700 100 december 31, 2014 100,092 114 december 31, 2015 107,856 126 december 31, 2016 123,009 131 december 31, 2017 113,288 136 use the dollar-value lifo method to compute the ending inventory for pina company for 2013 through 2017.
Answers: 1
Business, 22.06.2019 18:00, tifftiff22
On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?
Answers: 1
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