Sunrays, Inc wrote off the account of one of its customers, Brad Doe, in 2016 for $500
On January 21, 2017, Brad unexpectedly repaid his account in full. The company uses the direct write-off method to account for uncollectible receivables. Journalize the entries required for Sunrays, Inc on January 21, 2017.
What will be an ideal response
Accounts Receivable—Doe 500
Bad Debts Expense 500
Cash 500
Accounts Receivable—Doe 500
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Which of the following statements is true of the Employee Polygraph Protection Act?
A. If the state law regarding the use of lie detector tests is stricter than the federal law, it is preempted. B. The act allows manufacturers and distributors of controlled substances wider use of mechanical lie detector tests. C. It permits the employer to use lie detector tests on employees only when the employer is engaged in an investigation of theft. D. The act permits private employers to use mechanical lie detector tests for the purpose of screening applicants.
Answer the following statements true (T) or false (F)
Currently accepted alternative depreciation methods illustrate that accounting is closer to an art than a science.
Imagine that you are selling plumbing supplies to buyers at a do-it-yourself chain of stores. When you have converted a prospect into a customer, you should:
A. reduce your account penetration. B. expect to be treated very well when you make a sales call. C. always do what you say you will. D. avoid involvement in small complaints between your customer and your company's accounting department. E. leave the customer alone unless you have a new product.
Southwest U's campus book store sells course packs for $19 each. The variable cost per pack is $12, and at current annual sales of 43,000 packs, the store earns $75,000 before taxes on course packs. How much are the fixed costs of producing the course packs?
A. $203,400 B. $277,980 C. $253,120 D. $226,000 E. $221,480