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For each transaction listed in E8-4, indicate the amount and direction ( or ) of effects on the financial statement accounts and on the overall accounting equation.
E8-4
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $ 2,000 in its Allowance for Doubtful Accounts.
Required:
Prepare journal entries for each transaction.
a. On August 31, a customer balance for $ 300 from a prior year was determined to be uncollectible and was written off.
b. On December 15, the customer balance for $ 300 written off on August 31 was collected in full.
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he internal revenue code allows some accountable events to be considered differently for income tax reporting purposes
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a. What is the price (expressed as a percentage of the face value) of a one-year, zero-coupon corporate bond with a AAA rating?b. What is the credit spread on AAA-rated corporate bonds?c. What is the credit spread on B-rated corporate bonds?d. How do..
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Recommend a transfer price and explain your reasons for choosing that price.
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