On January 16, Whole Circle, Inc sold $5,000 merchandise to Smith, on account. Whole Circle could not collect cash from Smith and wrote off the account. Prepare a journal entry to record the write-off, assuming Whole Circle uses the allowance method
What will be an ideal response
Allowance for Bad Debts 5,000
Accounts Receivable—Smith 5,000
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Employees are likely to see an adaptive change as
A. highly threatening. B. moderately threatening. C. least threatening. D. significantly complex, costly, and uncertain. E. totally unacceptable.
TQM has two core principles:
A. Employee commitment and customer satisfaction. B. Financial health and financial stability. C. People orientation and improvement orientation. D. Management and leadership. E. Radical innovation and continuous improvement.
Collaborative processes across the supply chain using a set of processes and technology models are called Collaborative Planning, Forecasting, and Replenishment (CPFR)
Indicate whether the statement is true or false
Accountants should be aware that LIFO liquidations can potentially result in which of the following?
a. If older less costly layers are liquidated, a correspondingly lower cost of goods sold will result. b. If older less costly layers are liquidated, the company may be faced with higher taxes for those deferred in previous periods. c. If older less costly layers are liquidated, a correspondingly higher gross profit will result. d. All of these could result.