On December 1, after making a concerted effort, management determines that it will be unable to collect $1,200 owed to it by one of its customers. This company uses the allowance method to account for uncollectible accounts. Prepare the necessary December 1 journal entry to write off this $1,200 uncollectible account journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)

what is your question? 1 high schoolbusiness 5 points imagine that you have won $100 in the state lottery. you have a choice between spending the money on shopping now or putting it away in a savings account for one year. you decide to spend the money now on shopping. thus, you will lose the interest that you could have earned by saving the money. the lost interest is cost of spending money now.

Select the correct answer. after the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy? a. the interest rate on loans will fall. b. people will demand more foreign goods. c. people will start borrowing more money. d. the economy will face inflation. e. foreign investments will increase.