Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please answer both questions. i really need it. th

Please answer both questions. I really need it. Thanks a lot! ...

90.2K

Verified Solution

Question

Accounting

Please answer both questions. I really need it. Thanks a lot! image
In 2022, the Golic Co. had net credit sales of $900,000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit balance of $22,500. During 2022, $36,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage-of-receivables basis). If the accounts receivable balance at December 31 was $240,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31,2022 ? $24,000$27,500$46,500$36,000 Question 10 Tony's Market recorded the following events involving a recent purchase of inventory: Recelved goods for $80,000, terms 2/10,n/30. Returned $1,600 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory incroased by $76,832 increased by $78,800 increased by $77.224. increased by $77,232

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students