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1. Suppose a company uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts. What is the impact on the accounting equation of an actual bad debt?
A) No effectB) Decrease assetsC) Decrease revenuesD) Decrease liabilitiesE) Increase liabilities2. The adjusting entry to estimate future bad debts includes a:
A) Debit to Sales RevenueB) Debit to Accounts ReceivableC) Credit to Allowance for Uncollectible AccountsD) Credit to Accounts ReceivableE) Two of the above are correct
Edgemont paid a cash dividend of $25,000 in 2009. No additional stock was issued. Compute the retained earnings on December 31, 2008, and 2009.
accounts receivable appear in the balance sheeta as current assets immediately after cash and cash equivalents.b only
discuss your reaction to the public service announcement psa in relation to the marketing of junk food to children with
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Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts. Prepare a classified balance sheet; assume that $15,000 of the note payable will be paid in 2015
For the year, OJ incurs a $20,000 operating loss. Oliver and James are both solvent. Oliver's basis in OJ is $30,000; James's basis is $40,000. Determine the effect of OJ's debt discharge and net operating loss on Oliver and James assuming that
a company budgeted unit sales of 204000 units for january 2012 and 240000 units for february 2012. the company has a
spiller corp. plans to issue 10 15-year 500000 par value bonds payable that pay interest semiannually on june 30 and
Income before interest and taxes is expected to be $3,000,000. The company has a 30% tax rate and has 600,000 shares of common stock outstanding prior to the new financing.
holtzman company is in the process of preparing its financial statements for 2012. assume that no entries for
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