On January 16, 2017, Eliot Brothers Oil, Inc sold $5,000 of merchandise to Bryce, on account
Eliot Brothers could not collect cash from Bryce and wrote off the account on December 31, 2017. On November 4, 2018, Bryce unexpectedly paid $5,000. Journalize the transactions on December 31, 2017 and November 4, 2018. (Eliot Brothers uses the allowance method.)
What will be an ideal response
Dec. 31 Allowance for Bad Debts 5,000
Accounts Receivable — Bryce 5,000
Nov. 4 Accounts Receivable — Bryce 5,000
Allowance for Bad Debts 5,000
Nov. 4 Cash 5,000
Accounts Receivable — Bryce 5,000
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What will be an ideal response?
4) Jason scores high on the personality trait, openness. He most likely is
A) well-developed intellectually. B) conscientious only on the job. C) disagreeable in many situations. D) emotionally unstable.
Which of the following audit procedures is NOT typically used in audit sampling applications?
A) Recalculation. B) Confirmation. C) Physical count of tangible assets. D) Observation of personnel and procedures.
The ____________ provides an unequivocal statement on the expected return-beta relationship for all assets, whereas the _____________ implies that this relationship holds for all but perhaps a small number of securities.
A. APT; CAPM B. APT; OPM C. CAPM; APT D. CAPM; OPM