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1.At year end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $ 975,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $ 580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries of Chan to record these transactions and events of December 31, February 1, and June 5.
marvin is the executor and sole heir of his aunts estate. the estate includes her furnished home which marvin is
1. when using a periodic inventory method which account is increased when you buy merchandise inventory?a. cost of
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.
In an attempt to improve operating efficiency, one employee was made responsible for all purchasing, receiving, and storing of supplies. Is this organizational change wise from an internal control standpoint? Explain.
The following procedure is recommended when creating financial statements in Excel, in order to minimize error and make the statements easier to read when provided to others:
identify three major accounting issues on which ifrs and us gaap currently differ.for each outline the nature of the
at the beginningof the year caples co had total assets of 800000 and total liabilities of 300000. if during the year
Are the facilities at the fairgrounds adequate to handle crowds needed to generate ticket revenues calculated in number 8 above to earn a $6,000 profit? Show calculations to support your answers.
on december 31 2012 donovan inc had outstanding 400000 shares of common stock and 42500 shares of 8 cumulative
How much is the margin of safety for the company for June - Seasons Company which produces only one product: Selling price per unit, $42; Unit variable expenses
discuss the differences between storing data in access and excel. why would you use a spreadsheet over a database? at
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