Illustrate what adjusting journal entry must be made

Assignment Help Financial Accounting
Reference no: EM13125496

Assume that Business Solutions' Accounts Receivable balance at June 30, 2012, is $20,350 and that one account of $97 has been written off against the Allowance for Doubtful Accounts since March 31, 2012. If S. Rey uses the method prescribed in Part 1b, what adjusting journal entry must be made to recognize bad debts expense on June 30, 2012? (Round your intermediate calculation to the nearest dollar amount. Omit the "$" sign in your response.)

Reference no: EM13125496

Questions Cloud

Interest rate on the less expensive debt instrument : Alternatively, ABC can sell 9.5 percent coupon bonds with a 2-year maturity and $1,000 par value at a price of $950.00. How many percentage points lower is the interest rate on the less expensive debt instrument?
What is the ph after addition of hbr : A 100.0-mL buffer solution is 0.175M in HCIO and 0.150M in NaCIO .What is the pH after addition of 150.0mL of HBr?
Enough seats for all ticket holders who show for flight : What is the expected number of ticket holders that will fail to show for the flight? What is the probability that the airline will not have enough seats for all the ticket holders who show for the flight?
Determining copper in brass : Determining Copper in Brass, 1st I titrated Na2S2O3 and determined the molarity to be 0.164. I am having trouble with the calculations for the dissolution of brass.
Illustrate what adjusting journal entry must be made : illustrate what adjusting journal entry must be made to recognize bad debts expense on June 30, 2012?
How many grams of ethylene glycol must be added : How many grams of ethylene glycol C2H6O2 must be added to 1.15kg of water to produce a solution that freezes at -3.68 degrees celsius?
Probability to miss part of report if wait until grading : If the sports report begins at 11:10, what is the probability that he misses part of the report if he waits until grading is done before turning on the TV?
Explain important information about heat and temperature : Important information about Heat and temperature, What is Heat? What is temperature? What are the various properties that account for temperature?
Average cash gain or loss during a typical month : Construct a single month's cash budget with the information given. What is the average cash gain or (loss) during a typical month for Chadmark Corporation?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the dividends paid by the firm in 2009

here were no stock repurchases during the year. Determine the dividends paid by the firm in 2009?

  Elucidate a business unit performance

Is it ethical to choose a transfer price for tax purposes that is different from the transfer price used to elucidate a business unit's performance?

  What is the amount of interest

What is the amount of interest that Crocus could capitalize in 2013, using the particular interest method

  Draw an entry to record exercise of the bargain purchase

The machinery has an expected life of 10 years. Lu Limited has an incremental borrowing rate of 10%. Lu has been told that the interest rate implicit in Lease 1 is 8%. D raw an entry to record exercise of the bargain purchase option.

  Prepare journal entries for the adjustments

Prepare journal entries for the adjustments entered in the six-column table for part 1 and Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.

  Find amount of bobs bonus

Find amount of Bob's bonus if the bonus is to be evaluated on income before deducting salary and interest on capital accounts, but after the bonus?

  Find cranberry corporation''s addition to retained earnings

Evaluate the necessary requirements on the basis - Find Cranberry Corporation's addition to retained earnings with a 10% increase in sales? Assume the dividend payout ratio and profit margin remains fixed.

  Adjustment in general account balances

Adjustment in general account balances - Olsen Company has two office employees who earn $80 and $100 per day, respectively. They are paid each Friday for a five-day work week that begins each Monday. June 30 is a Tuesday in 2009.

  Tara receives all of stock in black corporation

In return for these transfers, Tara receives all of stock in Black Corporation. Which is correct?

  Recognize the tax issues facing the waylands

They feel confident that their interest in the berry farm is a sound investment. Recognize the tax issues facing the Waylands.

  Prepare all journal entries for sally inc

Evaluate what type of lease this would be for the lessee and compute the initial obligation and prepare all journal entries for Sally, Inc. for 2012. suppose a calendar year fiscal year.

  Illustrate what does the lawyer earn during the year

The remaining hours are worked on a contingency basis. The lawyer wins $300,000 in settlements for his clients of which he receives half. Illustrate what does the lawyer earn during the year after expenses?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd