The Allowance for Doubtful Accounts has a debit balance of $3,000 at the end of the year (before adjustment), and Bad Debt expense is estimated at 2% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is ________
a. $1,200
b. $7,000
c. $13,000
d. $12,000
d
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"Is it appropriate for the organization and for the times? Does it set standards of excellence and reflect high ideals? Is it ambitious?" A good _______ will answer these questions.
A. belief agreement B. code of ethics C. mission statement D. vision statement E. values statement
Morris Company uses special journals to record transactions. Below are the sales journal and cash receipts journal for Morris. Prepare the following:a. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the subsidiary ledger.b. Open an Accounts Receivable controlling T-Account. Post the end-of the month totals that affect the Accounts Receivable account only.c. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable controlling account balance.Sales JournalDateAccount DebitedInvoice NumberPRAccounts Receivable Dr. Sales Cr.Cost of Goods Sold Dr. Inventory Cr.12/1Wazoo Co.1200?6,9003,50012/1Fargo Co.1201?3,4001,80012/3Jansen Co.1202?7,2004,00012/6Marsh
Co.1203?3,0001,500?Totals??20,50010,800Cash Receipts JournalDateAccount CreditedExplanationPRCash Dr.Sales Discount Dr.Accounts Receivable Cr.Sales Cr.Other Accounts Cr.Cost of Goods Sold Dr. Inventory Cr.12/2SalesCash sales?12,000??12,000?6,50012/3Notes PayableBank loan?15,000???15,000?12/5Wazoo Co.Invoice 12/1?6,7621386,900???12/6Fargo Co.Invoice 12/1?3,332683,400????Totals??37,09420610,30012,00015,0006,500 What will be an ideal response?
On a partner's dissociation, the partner's duty of loyalty ends
Indicate whether the statement is true or false
Which of the following statements about the encounter stage of socialization is true?
A. The encounter stage of socialization takes place prior to an employee spending even one second on the job. B. The encounter stage involves the adoption of the spoken and unspoken goals and values of the organization. C. Newcomers come to learn the content areas of socialization and internalize the norms and expected behaviors of the organization. D. New employees compare the information they acquired as outsiders with what the organization is really like now that they are insiders. E. The encounter stage of socialization is the last stage in the socialization process.