Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Law & Ethics Expert

The given information pertains to Mountain High Campers.  

A.  Mountain High Campers predicts bad debt expense at 3/5% of credit sales.  The company reported accounts receivable and allowance for the uncollectible accounts balances of 486,000 and 220 (cr) correspondingly, at Dec. 31, 2012. During the year 2013, Mountain High's credit sales and collections were 415,000 and 519,000 correspondingly, and 3,200 in bad accounts were written off.  

1. Make the adjusting entry to record bad debt expense for 2013 (show supporting computations or use T accounts to support your answer).  

2. Mountain High's accounts receivable at December 31, 2013, are________________.  

3. Mountain High's adjusted allowance for the uncollectible accounts at December 31, 2013, is_________.    

4. describe how the amount in A1 would vary if the allowance account had an ending balance on December 31, 2012, of 120 (dr).

B. Mountain High predicts bad debts on an analysis of receivables. The aging schedule estimates bad debts to be 3000.

C. Make a summary journal entry (all bad accounts written off in a single entry) if Mountain High had employed the direct prepare-off method of accounting for the uncollectible accounts.          

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
  • Reference No.:- M915959

Have any Question? 


Related Questions in Business Law & Ethics

Question 1 ethics amp contractscity bumper car tours of

QUESTION 1: Ethics & Contracts City Bumper Car Tours of Jersey City, LLC (CBCT), operated tours where customers used Bumper Cars transportation vehicles to tour the city. There is a city ordinance that requires "All tour ...

1 what factors should be considered when doing a

1. What factors should be considered when doing a cost-benefit analysis of a proposed study? 2. What is the purpose of the Institutional Review Board? 3. When is it not necessary to obtain informed consent?

Landlord-tenant lawworth 220 pointshint see chapters 29 and

Landlord-Tenant Law Worth 220 points HINT: See Chapters 29 and 30 of the text to help understand some of the legal issues covered in this assignment. Larry Landlord has recently renovated an apartment and has put it on t ...

In a 3- page analysis paper address the following describe

In a 3- page analysis paper, address the following: Describe the type of service you have selected. Briefly explain the related laws that govern the practice of the selected service. Discuss the specific ethical standard ...

You are an official of the union brought in to resolve the

You are an official of the union brought in to resolve the tensions between Bob and the company and the union. Write a memo in Word with suggestions on how you would propose to solve the labor-employment problem. Refer t ...

Part a - multiple choice questions 1 illegal actions area

Part A - Multiple Choice Questions 1. Illegal actions are: a. seldom unethical. b. not related to ethics. c. usually unethical. d. not unethical. 2. The purpose of law is to: a. punish us when our actions break the law. ...

For the final assessment you will create a career path

For the final assessment, you will create a career path investigation in which you answer questions related to each of the branches. You may complete your project as either a Word document or as a presentation. Your inve ...

Response to this discussion post with at least 200 words

Response to this discussion post with at least 200 words. Needs reference to back up response. The United States maintains a complex network of law enforcement agencies at the local, state and federal levels. These agenc ...

Legal assignmentnewspapers frequently feature stories on

Legal Assignment Newspapers frequently feature stories on how various democratic principles and processes contribute to democratic governance and impact a wide variety of issues, ranging from the distribution of flu vacc ...

The ucc and relaxing contractsthe uniform commercial code

The UCC and Relaxing Contracts The Uniform Commercial Code (UCC) is a group of laws governing commercial or business transactions throughout the United States. The UCC has made key changes to the common law principles of ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro