At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $831,000.
Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $416
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.
Prepare Chan's journal entries for the transactions.

Answers

Answer 1

Answer:At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $831,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $416 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. Prepare the journal entries for these transactions. View transaction list 1 Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account 4 Record the cash received on account. Credit Note :· journal entry has been entered Record entry Clear entry View general journal


Related Questions

The situation analysis section of a business plan for all of a company's products,
product lines, or services may include a SWOT analysis. Which of the following is
one of the elements of a SWOT analysis?

Technology
Options
Warehousing
Threats

Answers

Answer:

technology

Explanation:

because they have to be search

Which of the following is true regarding images on a website?

Answers

Use HTTPS:// and not HTTP:// of the following is true regarding images on a website's structure and navigation.

Option B) Whenever possible, use HTTPS:// and not HTTP:// when creating new web pages.

Images Grab Attention and Evoke Emotions

Images are an easy way to improve the user experience of your website. 90% of all the information we perceive and transmit to our brain is visual. Images help grab attention and guide the visitor's eye.

Choosing high-quality images that are interesting, high resolution, and appropriately sized will make your site look more professional. Avoid images that can be easily ignored, such as B. Blurry or too small images.

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Disclaimer: The question was incomplete. Please find the full content below.

Question

Which of the following is true regarding images on a website's structure and navigation?

A) A website’s structure should be at least five layers.

B) Whenever possible, use HTTPS:// and not HTTP:// when creating new web pages.

C) It is best to have several pages that are not internally linked.

D) A higher bounce rate typically leads to more conversions.

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why shall professional groups shall not be allowed to assign their own professional codes of conduct and police themselves from within

Answers

Professional groups should not be allowed to assign their own codes of professional conduct because the organizational ethics set a standard of job compliance.

What is the relevance of the professional code of ethics?

These are the rules and policies created to direct the behavior of employees, generating compliance, positive practices at work and standardization of actions, creating a culture favorable to development, cooperation and motivation.

Therefore, individual ethics can be related to individual values ​​and not correspond to organizational values, not guaranteeing the equity of employees.

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in the business world, what is the most important aspect you can apply from having knowledge of
interpersonal communication?

Answers

Answer:

Being able to understand the problems they're going through in the business and because you understand very well you are able to help because if you don't understand what's going on even when it's explained you don't know what to do, so understanding the person's burden will hell you solve it.

Which of the following is not related to good agriscience management?
O Getting to work on time
Ensuring the rules are followed
Implementing environmental practices
Frievan
100
Ordering supplies and equipment
Da
1923

Answers

The term that is not related to good Agricultural management is Ordering supplies and equipment.

What is Agricultural management?

Agricultural management  can be regarded as the force that affect soil processes and functions.

This involves the  rapid structural as well as the  technological developments and new management practices to bring about good yield in production of crops and animal.

Some of the gricultural management practices that are common are;

Tillage and reconsolidationNo-tillage and surface residues Plants and crop rotations.IrrigationManure, and fertilization practices.Grazing management.

It Should be noted that farm management as well as implemention of the decisions are needed in organizion and operation of a farm so as to be able to maximize production as well as profit.

Farm management do utilizes the agricultural economics to get information on prices as well as markets situation.

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Answer:

A - Getting to work on time

Explanation:

I took the test and got it right.

You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest)

Loan amount: $776,000
Interest Rate: 11.6%
Life: 41 years
Date of Loan: January 1, 2021

Required:
1. What is the annual payment (round to the nearest $)?
2. What are the total interest payments (round to the nearest $)?
3. After 23 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
4. After 23 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?

Redo the problem if the interest rate is 1%
Required:
5. What is the annual payment (round to the nearest $)?
6. What are the total interest payments (round to the nearest $)?
7. After 23 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
8. After 23 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?

Answers

The annual payment on the loan is $108943.

How to calculate the loan?

Principal = $776000

Rate = 11.6%

Time = 41 years

The total interest will be:

= PRT/100

= (776000 × 11.6 × 41)/100

= $3690656

The total amount to be paid will be:

= $776000 + $3690656

= $4466656

The annual payment will be:

= Total amount / Number of years

= $4466656 / 41

= $108943

After 23 years, the interest will be:

= 776000 × 11.6 × 23)/100

= $2070368

The percentage of the total interest will be:

= $2070368/$3690656

= 56.1%

When 23 payments have been made, the percentage of the total amount will be:

= (776000 + 2070368) / 4466656

= 2846368/4466656

= 63.72%

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D
Question 23
According to John Maynard Keynes, when government invests one
billion dollars into the economy what should occur? (Standard 4.3)
2 pts
O The one billion dollars will have an impact greater than one billion dollars due
to the multiplier effect.
O Consumer spending should decrease by one billion dollars.
O I have no idea what the answer is.
O The government should adjust the tax levels in order to gain addition funds to
pay for the investment.
O The government's action should slow down economic activity.

Answers

John Maynard Keynes believed that The one billion dollars will have an impact greater than one billion dollars due to the multiplier effect.

What did John Maynard Keynes believe?

Keynes was a major advocate for the government spending money in the economy to induce economic growth.

He believed that there was a multiplier effect that would lead to any amount the government invested in the economy, having a greater impact than this investment.

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How do economic principles apply to online markets? For example, a consumer can purchase a movie as a DVD or through a streaming service. Are supply and demand the same with each format?

Answers

Demand from consumers is both personalized and ever-changing.The price fluctuates in line with the performance of the stock market.

What is Demand?

Generally, asking for something urgently and vehemently, as though by right.

In conclusion, In economics, strong demand and low supply lead to higher prices, whereas the reverse is true when the supply is high and the demand is low. Equilibrium prices exist for every item.

This approach is used by online merchants since each customer demands a product with varying levels of intensity. Because their need for the goods is more pressing than others, some customers are willing to pay more. Discounts, buy one, get one free, and limited-time offers allow them to influence customer demand.

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What will be the end result for the taxpayer who filed his federal income tax return using the 1040EZ form shown below?

Answers

The end result for the taxpayer who filed his federal income tax return using the 1040EZ form shown below will be that he'll owe $180.

What is a federal income tax return?

This refers to the tax return a taxpayer send to the IRS each year through Form 1040, U.S. Individual Income Tax Return.

In this context, the end result for the taxpayer who filed his federal income tax return using the 1040EZ form shown below will be that he'll owe $180.

Therefore, Option A is correct

Missing option "A he'll owe $180 B he'll receive a refund of $173 C he'll owe $3921 D he'll receive a refund of $3921​"

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Firms will generally make-to-order when

Answers

Firms will generally make-to-order when the demand for goods is not stable.

What is Make to order?

Make to order (MTO) is a production process that involves a customer ordering a specific products which is usually different from the general products.

The products may be customized and its usually done when a company has less demand or work.

Therefore, Firms will generally make-to-order when the demand for goods is not stable.

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 17 What is the share price when the price-to-earnings (P/E) multiple of a comparable company is 6.5​

Answers

If the P/E ratio is 6.5 the share price of the company can be determined if the earnings per share or the total earnings and the total number of shares of a company.

What is Share Price?

Share price is the price quoted in the market for the exchange of 1 share of the company. Company have a large number of ordinary shares, which is circulated in the stock market where the shares are purchased by individuals.

If the Earnings per share ratio is available the share price can be determined as the P/E ratio is Price over Earnings ratio.

Share Price is divided by the Earnings per share to calculate the P/E ratio which is 6.5 in the given question.

The price should be considered as x and the earnings per share to be multiplied by the P/E ratio that is 6.5.

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Two firms Apple and Samsung in the smart phone market have combined demand given by Q = 200 – P. Their total costs are given by TC Apple = 4 Q Apple + Q 2 Apple and TC Samsung = 4 Q Samsung + Q 2 Samsung . If they cannot successfully collude and instead produce where the market price equals marginal cost, their total output will be

Answers

The total output of both smart phones company would be 98.

How to solve for output

The combined demand is

Given, Q = 200 - P

Therefore P = 200 - Q

Q = Qa + Qs

P = 200 - QA - QS

For apple, We have

4 Q Apple + Q² Apple

and

4 Q Samsung + Q² Samsung

4 Q + Q² A

= 4 + 2QA

Then 200 - QA - QS = 4 + 2QA

Take like terms

3QA + QS = 196 --- eqn 1

For samsung we do the same thing till we arrive at

QA + 3QS = 196 --- eqn 2

Solve eqn 1 and 2 simultaneously

We would have QA = 49 and Qs = 49

Total output is the addition of both values

49 + 49 = 98

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which profession do you prefer to choose for your career engineer or doctor why​

Answers

Answer:

doctor

Explanation:

because if you are an engineer you will work harder then a doctorans you will get more money when your a doc

Level grade engineering, inc. , sometimes uses explosives to prepare land for construction projects. Strict liability is imposed on this activity because:.

Answers

Because the activity is dangerous in nature.

Why is strict liability imposed on the use of explosives?

Explosives are hazardous to use and should be handled with care. A small negligence can lead to harmful situations. In order to protect innocent people and society from unnecessary harm and ensure their safety. There are a lot of laws governing the use of such materials.

Laws governing the use of such material

Without a federal explosives license or permission (FEL/FEP), it is against the law to produce, store, distribute, receive, or transport explosive materials.

Therefore strict liability is imposed on the activities involving the use of explosives.

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White sayWhite says, “We live in a world where success is defined by income.” Do you agree with this statement? Discuss examples in your life that support or negate this idea.s, “We live in a world where success is defined by income.” Do you agree with this statement? Discuss examples in your life that support or negate this idea.

Answers

Answer:

Explanation:

No, I don't agree with this statement as true success is finding eternal peace.  if you are earning handsome but you are not happy from the inside so what's the use of money when you aren't happy in your life .

For Example:

You are Earning handsome but you  are ill and you can not eat delicious food . so will you be Happy?

Which of the following is an important consideration in setting up the proper environment to complete tasks on time a limited distractions be free from distractions see a club the workspace or D working whenever time allows

Answers

An important consideration in setting up the proper environment is to be free from distractions. Option B. This is further explained below.

What is the environment?

Generally, the environment in which a human, animal, or plant lives or functions, either temporarily or permanently.

In conclusion, It is essential to remove any potential sources of distraction before beginning the process of creating the ideal atmosphere.

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why are professions important?​

Answers

Profession is important bcz it take part in each situation of your life, if you have the profession of something u mostly like will help you in every situation of your life that’s why it is more important

Determine whether the outcome is a Type I error, a Type II error, or a correct decision.

A test is made of H0: m = 45 versus H1: m is not equal to 45. The true value of m is 45, and H0 is not rejected.

Correct Decision
Type II
Type I

Answers

The true value of m is 45, and H0 is not rejected, than the correct decision is Type II.

condition:-

H0: m = 45  VS  H0: m ≠ 45

The true value of m = 45

H0 is not rejected, & H0 is not rejected.

∴ here we not reject the when H0 is not true hence is is a type II error.

H0 is rejected.

∴ Here we reject the H0 when H0 is true hence it is a type I error

A type II error occurs if one fails to reject the null hypothesis when the alternative is True.

A type I blunders is a fake high-quality end, whilst a kind II errors is a false bad conclusion. making a statistical decision always includes uncertainties, so the risks of creating those mistakes are unavoidable in speculation trying out.

A type I error is a type of fault that takes place throughout the hypothesis checking out process when a null hypothesis is rejected, although it is correct and must no longer be rejected.

Decision error confer with the probability of creating a wrong conclusion while doing hypothesis checking out. when a researcher sets out to do a examine, she usually has a speculation, or a prediction of what she thinks the effects will be.

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Write a short memo to Ms Loki explaining the business performance findings of your statement of cash flow.

Answers

The memo explaining the business performance findings from the statement of cash flow will entails:

address of the receiversubject of the memobody of the memo.

What is a statement of cash flow?

This refers to the financial statement that shows how changes in balance sheet accounts and breaks the analysis down to operating, investing and financing activities.

Hence, the memo will inform Ms Loki about  business performance findings especially on the cash position of the business such as the inflow and outflow of cash from the firm.

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What is a key feature of Mixed Reality?

Answers

Answer:

different media?hdhdbejdbdb

Explanation:

yeshehssiebeiidj

The following Computer output presents the least-squares regression line for predicting the price of a certain commodity from the price of a barrel of oil.

_______________________________________________________________________



Predictor

Coef

SE Coef

T

P

Constant

147.851724

68.827814

2.148139

0.098187

Oil

0.493103

0.691769

0.712815

0.515337

_______________________________________________________________________

Write the equation of the least-squares regression line.

y = 0.098187 + 0.515337x
y = 2.148139 + 0.712815x
y = 147.851724 + 0.493103x
y =0.493103 + 147.851724x

Answers

Answer:

y=2.148139 +0.712815x

Computer output presents the least-squares  for predicting the price of a certain commodity from the price of a barrel of oil is y=2.148139 +0.712815x

A regression is a statistical approach that relates a based variable to one or extra impartial (explanatory) variables. A regression version is able to expose whether modifications discovered in the structured variable are related to modifications in one or more of the explanatory variables.

A regression analysis is completed for considered one of purposes: so that it will expect the price of the established variable for individuals for whom some statistics concerning the explanatory variables is to be had, or if you want to estimate the effect of some explanatory variable at the structured variable.

COMMODITY = - 43.987621 + 23.368407 OIL

OIL PRICE = $ 114 /per barrel

Commodity = - 43.987621 + 23.3658407*(144)

Commodity = $2620.010777

according to the options B is the answer.

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Say, 3 customers enter a store. On the basis of past experience, the store manager estimates the probability that any one customer will make a purchase is 0.30. What is the probability that two of the next three customers will make a purchase?

Answers

The probability that two of the next three customers will make a purchaseis mathematically given as

P(1) =0.441

What is the probability that two of the next three customers will make a purchase?

Generally, the equation for Probablity is  mathematically given as

A)

P(1) = 3 C 1 (0.3)^1 (0.7)^2

P(1) =0.441

B)

n=1000

E (x) =np = 1000x0.3

E (x) =3.00

C)

Variance= mpq

Variance= 300 x0.7

Variance= 210

In conclusion,

P(1) =0.441

E (x) =3.00

Variance= 210

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Each year, more than ___________children age 4 and under die from poisoning from
household products and medicines?

Answers

Answer:

Explanation:

45%

Each year, more than 42% of children age 4 and under die from poisoning from household products and medicines.

What is poisoning?

Poisoning refers to the ingredients or the substances which are injurious to health or can cause death. It can cause the immediate death of the person. These substances are Alcohol, Berries and Seeds, Carbon Monoxide, Food Poisoning, Hazardous Chemicals etc.

Children under the age of five make up 42% of poisoning exposures, whereas adults over the age of 19 account for 93% of poisonings that are not fatal and 42% of those that are fatal.

Each year in the United States, Approximately between 2 and 4 million actual poisonings occurs. In which Approximately 90% of poisonings occur in the home.

Therefore,  42% of children age 4 and under die from poisoning from household products and medicines.

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What impact does interest have on the cost of the purchases you make when using credit? OA. Interest has no impact because it is separate from the actual purchase prices. B. Interest can cause the overall cost of your purchases to increase. C. Interest can cause the overall cost of your purchases to decrease. O D. Interest has no impact because most credit cards do not charge interest. SUBMIT​

Answers

Interest has no impact because most credit cards do not charge interest.

What are the effects of interest rates on consumers?

The Effect of Interest Rates on Consumer Behavior Interest rates impact the cost of borrowing money as well as the returns that savers can earn on their investments. An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed. When interest rates are high, some loans become too costly and borrower demand may lessen, which reduces the total consumption of loans. Conversely, when interest rates drop, consumers take advantage of the lower loan rates, which increases demand for loan products.

The correct answer is D.

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What word do we use when we describe an economy with a high unemployment rate and little growth while prices are still rising?

Answers

Answer:

i dont know to be honest can you tell me

Explanation:

Answer:  Stagflation

Explanation:

a firm installs 1500 air conditioners which need to be serviced every six months. the firm can hire a team from its logistics department at a fixed cost of $6,000. each unit will be serviced by the team at $15.00. the firm can also outsource this at a cost of $17.00 inclusive of all charges

Answers

There are 2 options available to the firm 1 is to hire the team for serviced or 2 is to outsource the service. Both the options are analyzed in detail as follows:

What is outsourcing?

Outsourcing is the act of obtaining services from external provider instead of having own management. A company can outsource its functions or departments.

Inhouse (Team)

$6000 + ($15 * 1500) = $28,500

Outsource

$17 * 1500 = $25,500

Lowest is $25,500 in outsourcing

Conclusion

It is better to outsource the service of air conditioner as compared to have a team for this service.

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Suppose that you put $1,500 into a certificate of deposit that pays 2% per year,
compounded monthly. If you leave the money in that account for 5 years, how
much will this CD be worth when you withdraw your funds?

$1,604.69
$18,150.50
$1,657.62
$19,873.45

Answers

[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$1500\\ r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &5 \end{cases}[/tex]

[tex]A=1500\left(1+\frac{0.02}{12}\right)^{12\cdot 5}\implies A=1500\left( \frac{601}{600} \right)^{60}\implies A\approx 1657.62[/tex]

How do you determine when a business is not succeeding, and how do you determine what needs to change?​

Answers

A company's management and leadership determine success or failure of business. The management and leadership of a company are two of the most important factors that determine its success or failure. Successful businesses hire managers and leaders who understand the organization's vision and know how to put it into action; such leaders can also motivate employees and align them with the company's vision.

According to the National Business Association, the majority of businesses fail due to poor management and a failure to hire professionals in areas where they require assistance. When comparing successful and unsuccessful business ventures, one of the most noticeable differences is the importance and effectiveness of leadership.

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The adjusted trial balance of Sheri dan Company at December 31, 2022, includes the following accounts: Owner's Capital $16,000, Owner's Drawings $7,700, Service Revenue $38,800, Salaries and Wages Expense $15,200, Insurance Expense $2,700, Rent Expense $3,100, Supplies Expense $1,200, and Depreciation Expense $1,200.
Prepare an income statement for the year.

Answers

Proof of income statement.

Revenue    

Service revenue   38300

Expense    

Salaries and wages expense 15700  

Insurance Expense 2300  

Rent Expense  4600  

Supplies expense 1200  

Depreciation Expense  1400  

Total expense   25200

Net income   13100

Sales are the sum of the revenue generated from the sale of goods or services related to the company's main activities. Income, also known as gross income, is often referred to as the "top line" because it is at the top of the income statement. Income or net income is the total profit or profit of the business.

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Compute the price of an American call option with strike K = 110 and maturity T = .25 years. See 1. American Put Option excel sheet - A 15-period binomial model The price of the American call option = 2.604

Answers

The strike of k is 15 which means that it was very dangerous and the a= 15(6)/5^2
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