answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Oksi-84 [34.3K]
2 years ago
6

At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $11,000, while the company’s total assets equal $1,410,000.

In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $2,600 becomes a bad debt on March 14.
1. Record the write off of this customer’s account in 2022 using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
erastovalidia [21]2 years ago
6 0

Answer:Worthy journal $

Date

March 14, 2022

Bad debt Dr 2600

Receivable Cr 2600

Narration. Record of receivables written off to income account on account becoming unrecoverable.

Explanation:

The direct method of written off bad debts do not make provision for estimate of receivables that are likely to go bad in which the estimate is recognised as debit to income statement and the corresponding credit entry is used to reduce the receivables, with adjustment been made at the year end for variances.

In the direct method the actual bad debts is debited in the income s statement and credited to the receivables accounts.

You might be interested in
Sarah is a freshman high school student who is also holding down a 20-hour-a-week job. she drinks diet cola several times a day
AURORKA [14]
<span>As Sarah is young, increasing her calcium intake at a younger age can help with bone density at a later age. This can help ward off osteoporosis and other bone-related diseases that can be caused by a lack of sufficient nutrient intake. In addition, the increased soda consumption, even as a diet alternative, lead to negative health effects because of the ingredients in the soda and the lack of nutritional value in the carbonated drink.</span>
6 0
2 years ago
If the marginal product of capital net depreciation equals 8 percent, the rate of growth of population equals 2 percent, and the
Sphinxa [80]

Question:                                                                                                                                                                                                                                                                                  

If the marginal product of capital net depreciation equals 8 percent, the rate of growth of population equals 2 percent, and the rate of labor-augmenting technical progress equals 2 percent, to reach the Golden Rule level of the capital stock, the ____ rate in this economy must be _____.      

A) saving; increased  

B) population growth; decreased

C) depreciation; decreased

D) total output growth; decreased

Answer

The correct answer is  A) <u>Saving</u> rate of the economy must be i<u>ncreased</u> in order for the economy to reach the Golden Rule Level of the Capital Stock.

Explanation

Golden Rule Level of the Capital Stock is the level at which

MPK = δ,

Where MPK is Marginal Product; and δ the depreciation rate;

so that the marginal product of capital equals the depreciation rate.

In the Solow growth model, a <em>high saving rate results in a large steady-state capital stock and a high level of steady-state output.</em> A low saving rate results to a small steady state capital stock and a low level of steady-state output. Higher saving leads to faster economic growth only in the short run. An increase in the saving rate raises growth until the economy reaches the new steady state. That is, if the economy retains a high saving rate, it will also maintain a large capital stock and a high level of output, but it will not maintain a high rate of growth forever .  

5 0
2 years ago
The price of a gallon of gasoline in bonland is? $3.20. however, just before the? election, the government decides to fix the pr
ehidna [41]
This is ab example of a price floor. It is price that set by the government as a minimum price that would be imposed on a product. This value should be higher than that of the equilibrium price to be effective. It is used in order to prevent the prices to be too low.
3 0
2 years ago
Sammy created a new logo for his client to use on the company website and office stationery. However, the logo became a blur whe
pychu [463]

Answer:

Sammy needs to use a program and design the ad using density independent pixels.

Explanation:

Based on the scenario being described within the question it can be said that in the future Sammy needs to use a program and design the ad using density independent pixels. This will allow the design to correctly scale up and down by adding the correct ration or pixels needed so that the image is always as clear as originally intended. This will prevent such scenarios as this one.

7 0
2 years ago
When the perpetual inventory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or
777dan777 [17]

Answer:

merchandise inventory

Merchandise inventory

Merchandise inventory    

Merchandise inventory

Merchandise inventory    

Merchandise inventory

Explanation:

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

The cost of each sale transaction ensures that the merchandise inventory account under a perpetual inventory system reflects the updated cost of merchandise available for sale.

4 0
2 years ago
Other questions:
  • Which item is an example of a primary source?
    6·2 answers
  • Bellucci Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.05 Direct labor
    8·1 answer
  • Levi Strauss markets its denim jeans in many countries and develops its marketing strategy as if the world were a single market.
    6·1 answer
  • Edith's warehouse (adjusted basis of $450,000) is destroyed by a hurricane in October 2019. Edith, a calendar year taxpayer, rec
    13·1 answer
  • Bayest Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead
    9·1 answer
  • Which statement characterizes the moral reasoning typically found in a child?
    12·2 answers
  • Guillen, Inc. began work on a $7,000,000 contract in 2020 to construct an office building. Guillen uses the completed-contract m
    11·1 answer
  • Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 9,500 C
    10·1 answer
  • Sherpa Outfitters sells specialty equipment for mountain climbers. Its sales for last year included $488,500 of tents and $800,0
    11·1 answer
  • Flyaway Travel Company reported net income for 2021 in the amount of $110,000. During 2021, Flyaway declared and paid $4,125 in
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!