At the beginning of 2021, the balance in Jackson Enterprises' Allowance for Uncollectible Accounts was $31,800. During 2021, the company wrote off $38,000 of accounts receivable. Writing off the individual bad debts would include a:
A. Debit to Bad Debt Expense.
B. Credit to the Allowance for Uncollectible Accounts.
C. Debit to Bad Debt Expense; credit to the Allowance for Uncollectible Accounts.
D. Credit to Accounts Receivable.
Answer: D
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The city of Anchorage sold land for its appraised value to the Big Bear Oil Company on June 1, 2014, that originally cost the city $950,000. On June 1, 2014, the land was appraised at a value of $1,400,000, and on December 31, 2014, the land's value was estimated to be $1,450,000. On Big Bear Oil Company's balance sheet at December 31, 2014, the land should be valued at
A) $1,400,000 B) $1,450,000 C) $950,000 D) $0
An American business manager makes a bribe to a foreign government official in a host country where such a bribe is not illegal. What would happen?
a. The manager will be punished by the host country because it must enforce American laws. b. Even if caught, the manager will not be punished because he did not break the host country’s laws. c. If caught, the manager may end up in an American jail because the bribe breaks American law even though it did not happen on American soil. d. At most, the American manager will have to pay a fine in the United States.
An ambiguous word is one capable of having more than one meaning in the context of the facts
Indicate whether the statement is true or false
A company has the choice of either selling 600 apples or processing them into applesauce. The company could sell the apples as they are for $2.00 per unit. Alternatively, each apple could be made into one unit of applesauce with incremental costs of $0.60 per unit for direct materials, $1.00 per unit for direct labor, and $0.80 per unit for overhead, and then sold for $5.00 each. What is the amount of incremental cost from processing the apples into applesauce?
A. $0.60 per unit. B. $5.00 per unit. C. $7.00 per unit. D. $3.00 per unit. E. $2.40 per unit.