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tessthetoast
21.03.2020 •
Business
At year-end (December 31), The Company estimates its bad debts as 0.50% of its annual credit sales of $616,000. The Company records its Bad Debts Expense for that estimate. On the following February 1, The Company decides that the $308 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.
Required:
a. Prepare the journal entries for these transactions.1. Record the estimated bad debts expense.2. Record the entry to write off P. Park's account as uncollectible.3. Record the reinstatement of Park's previously written off account.4. Record the cash received on account.
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Ответ:
The journal entries are as follows
On December 31
Bad debt expense Dr $3,080 ($616,000 × 0.50%)
To Allowance for doubtful debts $3,080
(Being the estimated bad debt expense is recorded)
On Feb 01
Allowance for doubtful debts Dr $308
To Account receivable $308
(Being the written off amount is recorded)
On June 5
Account receivable $308
To Allowance for doubtful debts Dr $308
(Being the uncollected amount is recorded)
On June 5
Cash Dr $308
To Account receivable $308
(Being the cash received on account is recorded)
Ответ:
Kinetic energy
Explanation:
Kinetic energy is the energy of anything in motion. Your muscles move your leg, your foot kicks the ball, and the ball gains kinetic energy from the kick.