Business College

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables
Mar. 17: Received $2,700 from Keith MacPhearson and wrote off the remainder owed of $6,370 as uncollectible.
Mar. 17 July 29: Reinstated the account of Keith MacPhearson and received $6,370 cash in full payment.

Answers

Answer 1

Answer:

                                 Journal entry

Date Account & Explanation                     Debit      Credit

Mar 17.    Cash                                                 $2,700

               Allowance for doubtful accounts   $6370  

                        Account receivable                                $9,070

Jul 29     Account receivable                         $6,370

                        Allowance for doubtful accounts           $6,370

              (To record amount reinstated)

               Cash                                                 $6,370

                         Account receivable                                 $6,370

              (To record amount received)

Related Questions

Capital budgeting is the process of making capital expenditure decisions. used in sell or process further decisions. of determining how much capital stock to issue. of eliminating unprofitable product lines.

Answers

Answer:

The correct answer is the first option: of making capital expenditure decisions.

Explanation:

To begin with, the term known as "Capital Budgeting", in the field of business management, refers to the method a company's manager use in order to see how profitable it is to start some new inversions or projects, therefore that the main purpose of this process is to involve the elaboration of a budget that will help the superiors of the organization to make capital expenditure decisions when they are looking for a new inversion or project to start with. It is very helpful in the situations where there is a need for evaluation of future prospects.

How do I solve this? It’s a real estate question.

Answers

A.2.2 points(the answer)(you’re welcome)

Please help with the following question.

Answers

Answer:i dont really know

Explanation:

Penny Arcades, Inc., is trying to decide between the following two alternatives to finance its new $28 million gaming center: a. Issue $28 million of 6% bonds at face amount. b. Issue 1 million shares of common stock for $28 per share. 2. Which alternative results in the highest earnings per share

Answers

Answer:

Penny Arcades, |nc.

a. Issue $28 million of 6% bonds at face amount.

Explanation:

Alternative A will surely result in higher earnings per share than Alternative B.  It has been established that some financial leverage enables the stockholders to earn more per share.  This is not a debatable issue.  The hard work lies with the corporation's ability to find the debtholders that can finance its activities and assets.  This means that the stockholders of Penny Arcades, Inc. will be at a much more financial advantage if they can find creditors to lend it the $28 million for the gaming center than making the finance available themselves.

Perform a horizontal analysis providing both the amount and percentage change. (Round Percentage answers to 1 decimal place. Decreases should be indicated by a minus sign.)

Year
2021 2020
Cash $322,960 $880,000
Accounts receivable 702,240 280,000
Inventory 897,780 780,000
Long-term assets 3,536,680 2,380,000
Total assets $5,459,660 $4,320,000

Answers

Answer:

Find attached

Explanation:

Horizontal or trend analysis involves is a financial statement analysis technique that shows the percentage change or dollar change in a corresponding financial statement's item.

For example, the change in the fixed assets by a way of increase or decrease compared to last year's financial statements.

Formula:

change in a particular line item=(current year amount/previous year)-1

Which organization compiles data on individuals and businesses to report on their credit?
TransUnion
The Bureau of Consumer Protection
The National Credit Union Administration
Vantage Scores

Answers

Answer:

Option A

Explanation:

There are primarily three credit bureaus to which the Lenders go namely -

a) TransUnion

b) Equifax

c) Experian

These three agencies are interested in reviewing credit reports before lending any financial aid.

Hence, option A is correct

Answer:

TransUnion

Explanation:

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