User Account

All Pages

Journalize the entry to record bad debts

Assignment Help Accounting Basics
Reference no: EM132724644

Question - The Accounts receivable balance for D & L Inc. at December 31, 2020, was $18,000. During 2020, D & L had the following transactions:

Sales revenue on account, $547,000 (ignore cost of goods sold).

Collections on account, $450,000.

Write-offs of uncollectible, $6,900.

Uncollectible account expense, 3% of credit sales.

Required - D & L uses the percentage of Sales Method to account for its' uncollectible, journalize the entry to record bad debts.

Reference no: EM132724644

Questions Cloud

Find koehn corporation ordinarily record a cash dividend : Common stock of Sells Company under the equity method. Koehn Corporation should ordinarily record a cash dividend received from Sells as
Explain the rules that apply to liabilities : You are an employee in the accounting department of a company. Explain the rules that apply to liabilities, contingent liabilities and contingent assets
Estimate what is the cost of goods manufactured : Find What is the cost of goods manufactured? The manufacturing overhead amounts to 50% of the direct labor, and the direct labor
Cardiovascular and peripheral vascular problems : What is the likely diagnosis and how would you classify his diagnosis clinically?
Journalize the entry to record bad debts : Required - D & L uses the percentage of Sales Method to account for its' uncollectible, journalize the entry to record bad debts
Focused throat exam : Lily is a 20-year-old student at the local community college. When some of her friends and classmates told her about an outbreak of flu-like symptoms
Find the inventory period : Pretty Lady Cosmetic Products has an average production process time of 40 days. Finished goods are kept on hand for an average of 15 days before they are sold
Compute cost of goods transferred out and ending inventory : Ending inventory 1,100 units (50% complete to materials, 20% complete to conversion) Compute the cost of goods transferred out and the ending inventory
Advantage of the cash discount offer : Would you recommend borrowing from a bank at an 18 percent annual interest rate to take advantage of the cash discount offer?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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