carlydays3331
27.07.2020 •
Business
Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts. During 2020, Pharoah Company wrote off accounts totaling $12,900. One of those accounts ($2,100) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700. Prepare journal entries to record the 2020 transactions of Pharoah Company Company
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Ответ:
Entries are given below
Explanation:
DATA:
Opening Balance in the allowance for doubtful debt = $18,100
During 2020 Pharoah company wrote off accounts totaling 12,900
Entry DEBIT CREDIT
Allowance for Doubtful Accounts$11,800
Accounts Receivable $11,800
At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700
Entry DEBIT CREDIT
Bad debt expense $17,400
Allowance for doubtful debt $17,400
Working
Balance before adjustment = $18,100 - $11,800
Balance before adjustment = $6,300
After Aging schedule indication
Adjustment = $23,700 - 6,300
Adjustment = $17,400
Ответ:
The appropriate answer is "time lag".
Explanation:
The time taken towards enacting a program after it has been accepted is referred to those as time lag. The consequences of interventions are not necessarily recognized throughout the economy due to various time lags. Therefore, although monetary policy, described as time lag, will potentially produce the expected outcome during an economy, the time it would take to be accepted as well as enforced.