In 50 words or fewer, explain the difference between the percentage-of-sales method and the aging method for
Question:
In 50 words or fewer, explain the difference between the percentage-of-sales method and the aging method for calculating the journal entry to adjust the allowance for uncollectible accounts.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
The percentage of s ales method is when a company estimate...View the full answer
Answered By
Santosh Reddy
I have been a tutor for over 10 years. I have experience working with students of all ages, from elementary school to college. I have also tutored students with different learning styles and abilities. I am familiar with a variety of subjects, including math, science, English, history, and Spanish. I am able to adapt my teaching style to meet the needs of each individual student. I am patient and supportive, and I strive to help my students succeed.
I believe that one of the most important aspects of tutoring is the ability to build a rapport with the student. I work to create a positive and supportive learning environment where the student feels comfortable asking questions and seeking help. I also believe that it is important to be flexible and accommodating to the student's needs. I am willing to adjust my schedule and meeting times to ensure that the student is able to get the help they need.
I am confident in my ability to help students improve their grades and succeed in their studies. I have a proven track record of success, and I am committed to helping my students reach their goals. If you are looking for a tutor who is experienced, knowledgeable, and supportive, then please contact me. I would be happy to discuss your needs and how I can help you achieve success.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
Students also viewed these Business questions
-
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $14,700. By the end of the year, actual bad debts total $16,400. 1. Record the write-off to...
-
In 150 words or fewer, explain the difference between trading investments and available- for- sale investments.
-
In 150 words or fewer, explain the difference between operating, investing, and financing activities.
-
The LEGO company is a perfect example of planning. They carefully crafted the name from two phrases into one word. Besides the name, they also planned how they would make the bricks fit into one...
-
Suppose that you are a speculator who trades three- month Eurodollar futures. On November 5, you sell two December three- month Eurodollar futures contracts at 96.81. The subsequent weekly quotes for...
-
Journalize the entries to record the following: a. Check No. 6300 is issued to establish a petty cash fund of $1,200. b. The amount of cash in the petty cash fund is now $200. Check No. 6527 is...
-
At 3:00 a.m. on November 22, 2010, 16-year-old Sydney McLemore was driving a Mazda3 with her friend, Natalie Hurst, in the front passenger seat. The vehicle was traveling south on Ross Bridge Highway...
-
Wescott Company has three divisions: A, B, and C. The company has a hurdle rate of 8 percent. Selected operating data for the three divisions are as follows: Wescott is considering an expansion...
-
below is the code for quick sort. Modify this code so it runs in O(nlogn) time on sorted input. int partition(std::vector arr, int p, int r) int pivot int i=p for (int arr[r]; 1; p;j
-
What are the four elements that exist when an effective SCM system is implemented? Discuss each briefly.
-
In 75 words or fewer, explain why there may be a difference between the bank statement ending cash balance and the ending balance in the Cash account. Give at least two examples each of adjustments...
-
Visit a local business. Requirements 1. List all its plant assets. 2. If possible, interview the manager. Gain as much information as you can about the businesss plant assets. For example, try to...
-
A blogger claims that U.S. adults drink an average of five 8- ounce glasses (thats 40 ounces) of water per day. Researchers wonder if this claim is true, so they ask a random sample of 24 U.S. adults...
-
Your task is to create simple deposit/credit calculator for different type of banks; Structure of your project is following: Package "Bank": Calculator.java, National Bank.java, Second TierBank.java;...
-
The following budget information relates to the Coca-Cola Company. For the year of 2019, the following data are developed: 1. Sales: 60,000 units; unit selling price: $55 2. Variable costs per...
-
Please show ALL work. Here isthedataset of people's scores on a measure of aptitude in research methods: 15, 22, 38, 25, 33, 18, 22, 20, 35, 30, 31, 28, 19 In addition to these scores, researchers...
-
Consider the situation below in which a small flying bird is about to eat a large blueberry that has been tossed into the air: bird about to eat blueberry A bird (mBird = 481 g) is initially...
-
CHALLENGE ACTITY 2.7.1. Declaring a character Declaring a character Write a statement that assigns middelnitial with the character T Script Assign middleInitial with the character T This to provided...
-
Describe a system that employs GPS and which can reduce or eliminate ground control surveys in photogrammetry?
-
The cash records of Holly Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July, the general ledger account Cash...
-
Three statements are given below. a. A company uses the same depreciation method from period to period. b. A trash can that is purchased for $10 is expensed even though it will be used for many...
-
Three statements are given below. a. A quality of information that enables an analyst to evaluate the financial performance of two different companies in the same industry. b. Timely information that...
-
Four statements are given below. a. The accounting records of a company are kept separate from its owners. b. The accountant assigns revenues and expenses to specific years before preparing the...
-
The following information relates to a joint production process for three products, with a total joint production cost of $165,000. There are no separable processing costs for any of the three...
-
Alejandro Associates is an accounting firm that provides audit and tax services to its clients. Each tax return is considered a "job" for the firm, just like a manufacturing company considers a...
-
Rate Methods and Product Cost Distortion Eclipse Motor Company manufactures two types of specialty electric motors, a commercial motor and a residential motor, through two produc overhead rate for...
Study smarter with the SolutionInn App