The loss of dollars, jobs, reputation, and future business are not consequences of losing
customers.
Indicate whether the statement is true or false
F
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A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $21,000 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $550. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
A.
| Bad Debts Expense | 20,450? | |
| Allowance for Doubtful Accounts | 20,450? |
B.
| Accounts Receivable | 21,550? | |
| Allowance for Doubtful Accounts | 21,550? |
C.
| Bad Debts Expense | 21,000? | |
| Allowance for Doubtful Accounts | 21,000? |
D.
| Accounts Receivable | 21,000? | |
| Bad Debts Expense | 550? | |
| Sales | 21,550? |
E.
| Bad Debts Expense | 21,550? | |
| Allowance for Doubtful Accounts | 21,550? |
Jack has been in the business of selling carpeting for 20 years. He calls Bob, who is opening another branch of his furniture stores, and offers to sell him 100 square yards of carpet at $20 per square yard. Bob agrees and sends back the following letter confirming the deal: Dear Jack: As we discussed on the phone January 3, we accept your offer of 100 square yards of Saxony "heather blue"
carpeting at the rate of $20 per square yard. We also reserve the right to purchase any additional yardage we need to carpet our other showroom facilities at the same rate for one year from that date. Very truly yours, Bob Which of the following is true? a. There is a contract for only 100 square yards of carpeting. b. There is a contract for 100 square yards PLUS the additional yardage. c. There is no contract since Bob made a counteroffer. d. There is no contract because the additional term is too uncertain to become a contract term.
When a buyer or lessee is a consumer, any limitation of consequential damages for personal injuries resulting from consumer goods is prima facie unconscionable
Indicate whether the statement is true or false
What is wrong with a paralegal talking to a member of the jury during the lunch break, as long as the case is not discussed?
What will be an ideal response?