Which of the following accounts appear on the post-closing trial balance?
A) Rent Expense
B) Sales Revenue
C) Cash
D) Dividends
C) Cash
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In an effort to attract assembly operations, Brazil allows certain product components to be imported at reduced tariff rates. This is an example of:
A) offsets. B) preferential tariffs. C) the effect of the Customs Valuation Code. D) an EMC. E) discriminatory procurement.
Raul told his protégé, "Bill, during your career as a manager, you will sometimes encounter problems with upward communications from your employees. For example, your employees may filter what they tell you, share only good news, and suppress bad news for several reasons, including they
A. want to appear competent; they mistrust you; and they do not want to shield you from problems." B. want to appear competent; they fear you will ‘punish the messenger'; and they believe they are helping you." C. want to appear competent; they trust you implicitly; and they believe they are helping you." D. do not trust you; they fear you will ‘punish the messenger'; and they do not want to shield you from problems." E. trust you implicitly; they fear you will ‘punish the messenger'; and they believe they are helping you."
Because the acceptable rate of accuracy is 70% among Internet journalists, dealing with the media has grown increasingly challenging
Indicate whether the statement is true or false
A company that uses the percent of sales to account for its bad debts had credit sales of $740,000 in Year 1, including a $720 sale to Marshall Fresh. On December 31, Year 1, the company estimated its bad debts at 1.5% of its credit sales. On June 1, Year 2, the company wrote off, as uncollectible, the $720 account of Marshall Fresh. On December 21, Year 2, Marshall Fresh unexpectedly paid his account in full. Prepare the necessary journal entries:(a) On December 31, Year 1, to reflect the estimate of bad debts expense.(b) On June 1, Year 2, to write off the bad debt.(c) On December 21, Year 2, to record the unexpected collection.
What will be an ideal response?