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Oksi-84 [34.3K]
1 year 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]1 year 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.

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Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a balance of $60,000, and Retained
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Answer:

Explanation:

The stockholder's equity statement is composed of common stock and retained earnings. The ending balance shown in the attached spreadsheet, after modification.  

The Ending balance of earnings retained = Starting balance of earnings retained + net income - dividend paid

And, Ending balance of common stock = Starting balance of common stock + issued stock

The preparation of the stockholders ' equity statement for the year ended December 31, 20Y7 is provided in the spreadsheet. The attachment below is:

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2 years ago
Advika is a resident of India who exports hand-dyed fabrics to other nations. Since India has an exchange control system, what d
Semmy [17]

Answer: The Reserve Bank of India keeps all of Advika’s foreign currency for her.

Explanation:

When a country uses exchange controls, it limits the amount of foreign currency that can come into a country. This is usually done to ensure stability in the money market of the country as well as to improve the balance of payments for the country.

One way of implementing exchange control is for all foreign currency to go through the Central bank of the country. Should a citizen need access to foreign currency, they would need to apply to the central bank to access it. With India having an exchange control system, the Reserve Bank of India keeps all foreign currency and Advika would have to apply for it should she need it.

5 0
1 year ago
Pam works for a corporation that recently fired three top managers who were caught using the company credit cards to lavishly fu
jeka57 [31]

Answer:

D) visibly punish unethical acts

Explanation:

Ethics is the act of knowing what ia right and doing same. That is a good ethical act.

The ethical culture practised by Pam's company is to visibly punish unethical acts. This entails punishing any unethical act appropriately before others to see it.

This approach is really good because it will make others to sit up bearing in mind that they will get same punishment without hesitation if they err.

Pam's organization firing the three managers caught using the company's resources to fund their personal lifestyle pointed towards applying visible punishment for unethical acts.

7 0
1 year ago
Read 2 more answers
You would like to know whether silicon will float in mercury and you know that can determine this based on their densities. unfo
kogti [31]
The answer is 1000

Density formula is weight/volume, so the unit should be gram/centimeter^3. To  convert gram/centimeter^3 into kilogram/meter^3, the <span>conversion factors would be:
</span>(gram/centimeter^3) / (kilogram/meter^3)
= (gram/kilogram) /(centimeter^3/meter^3)
<span>= (gram/ 1000gram) / (centimeter^3/ 100^3 centimeter^3)
= (1/1000) / (1 / 100^3)
= 1,000,000/1000= 1,000</span>
6 0
1 year ago
Read 2 more answers
Sanborn company rents space to a tenant for $3,100 per month. the tenant currently owes rent for november and december. the tena
bixtya [17]

<u>Adjusting entry for Rent Receivable:</u>

It is given that Sanborn Company rents space to a tenant for $3,100 per month. The tenant currently owes rent for November and December, it means the Rent Receivable as on Dec. 31 is (3100*2) = $6,200

So the adjusting entry as on Dec. 31 shall be as follows:


Rent Receivable    Debit  $6,200

Rent Revenue        Credit               $6,200

(Being adjustment made for rent receivable)


8 0
1 year ago
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