Smart Calendars is a new business
During its first year of operations, credit sales were $40,000, and collections of credit sales were $36,000. One account, $650, was written off. Using the aging-of-receivables method, management calculates $200 as its estimate of uncollectible amounts at year end. Prepare the journal entry to record bad debts expense.
What will be an ideal response
Bad Debts Expense 850
Allowance for Bad Debts 850 .Calculations: $200 + $650 = $850
You might also like to view...
?A project's terminal value is _____.
A. ?the present value of all the cash outflows including the initial cost of investment B. ?the cash inflow in the last year of the project C. ?the sum of the future values of the cash inflows compounded at the firm's required rate of return D. ?the sum of the cash inflows after full recovery of the initial investment in the project E. the excess of the cash outflows over the cash inflows generated by the project?
Outstanding checks refer to checks that have been:
A. Written, recorded, sent to payees, and received and paid by the bank. B. Held as blank checks. C. Issued by the bank. D. Written and not yet recorded in the company books. E. Written, recorded on the company books, sent to the payee, but not yet paid by the bank.
In what ways can packaging be used strategically?
What will be an ideal response?
The biggest challenge in making a decentralized organization function effectively is to obtain goal congruence among the organization's autonomous managers.
Answer the following statement true (T) or false (F)