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Q1. On August 12, a company provides services on account to a customer for $3,900. However, on August 16, the customer is not completely satisfied with the service and the company grants an allowance on the amount owed of $450. On August 20, the customer makes full payment of the balance owed, excluding the allowance.
Record the services provided on August 12, the sales allowance on August 16, and the cash collection on August 20.
Q2. At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $290 (credit) before any year-end adjustment. The balance of Accounts Receivable is $15,800. The company estimates that 14% of accounts receivable will not be collected over the next year.
Record the adjustment for uncollectible accounts.
You were just notified that you will receive $100,000 in two months from the estate of a deceased relative.
during 2009 the ellis corporation had 370000 shares of 20 par common stock outstanding. on january 1 2009 2000 8
Suggest a plan for a client to increase the deductible pass through loss and deductions over the initial investment from a new wholly owned S corporation.
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hults corporation has provided data concerning the companys manufacturing overhead account for the month of november.
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Excavation cost $10,440. The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000.The cost of the land that should be recorded by Terry Co. is ??
Accounting is study of how businesses track their income and assets over time. These activities include computing costs and efficiency gains from technologies.
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