Answer:
'Bad debts write off' AND 'Recovery of Bad debts written off'
Explanation:
The Journal entry to write off a bad account affects only balance sheet accounts:
a debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable.
No expense or loss is reported on the income statement because this write-off is "covered" under the earlier adjusting entries for estimated bad debts expense.
HOWEVER in scenario 2 where transaction involves a cashflow, it is a bad debt recovered transaction because upon recovery of bad debt previously written off
a debit to CASH and credit to Bad debts recovered account
Answer:
The first transaction should be to write-off of an uncollectible account (or bad debt), while the second transaction refers to the collection of a previously written-off bad debt.
Explanation:
The journal entry to record the write-off of an uncollectible account:
Dr Bad debt expense
Cr Allowance for uncollectible accounts
Allowance for uncollectible accounts is a contra asset account that reduces accounts receivable.
The journal entries to record the collection of a bad debt:
Dr Accounts receivable
Cr Bad debts expense
Dr Cash
Cr Accounts receivable
The collection of the previously written off bad debt increases cash flows.
B. It doesn’t consider the qualities of the leadership stages by age.
C. It neglects to consider the environment under which the leadership worked.
Answer:
The correct answer is the option C: It neglects to consider the environment under which the leadership worked.
Explanation:
To begin with, this theory of ''trait leadership'' is characterized by the patterns of personal qualities that makes an individual to stand out in a particular group and therefore that this theory is very criticized due to the fact that it only focus primarily in the way the members of the group perceive the leader and not truly in how the leader actually works in the environment, in the situation presented. That is why, the limitations of the trait leadership approach is that it neglects to consider the environment under which the leadership worked.
b. high protection for your personal assets.
c. low start-up costs.
d. shared responsibility for decisions.
When money is deposited in the bank fo later use, it is a store of value. When describing money, medium of exchange, store of value and unit of account are all terms that describe the use of money. Money is used as a medium of exchange for a good or service. Money is a unit of account because it varies in the unit it is worth. Money is also a store of value because it is something that can be put away and kept for future use so it is being stored at the value it holds.
Answer:
1. False 2. True
Explanation:
1. The candidate for political office announcing that the policy to reduce immigration from abroad which, he says, economics clearly demonstrates will lead to higher output in the long run; is false.
What increases output are the factors of production of which labor is a major component. When there are more people willing and able to work in an economy, they help companies to produce more output but that is not the case when immigration is reduced, obviously that would reduce productivity and output.
2. However his second claim is right, that making trade more open between the US and other countries will increase output on the long run.
Trade barriers like tariffs and duties impede the level of trade between countries which could either reduce the amount of money countries make after netting off custom duties or the price of imported goods are increased by the effect of tariffs. Increased price means reduced demand
Hence if tariffs are replaced with subsidies in open trade, prices of U.S imported goods will fall and demand will increase.
Answer:
B) 1 shifts long-run aggregate supply left, 2 shifts long-run aggregate supply right
Explanation:
Full question
A candidate for political office announces the following policies which, he says, economics clearly demonstrates will lead to higher output in the long run: 1. increase immigration from abroad 2 make trade more open between the US and other countries. A) 1 and 2 both shift long-run aggregate supply left
B) 1 shifts long-run aggregate supply left, 2 shifts long-run aggregate supply right
C) 1 and 2 both shift long-run aggregate supply right.
D) 1 shifts long-run aggregate supply right, 2 shifts long-run aggregate supply left.
Aggregate supply, is the total supply of goods and services produced within an economy at a particular period and a specific price. It is also known as total output The increase in immigration from abroad will not increase aggregate supply or the total output thereby shifting the aggregate supply left meaning a decrease. Making trade more open between the US and other countries will increase the total output in the long run therby shifting the aggregate supply right meaning an increase in the total supply of goods and services produced in a particular period.
Answer:
Sensitivity
Explanation:
Penn Foster.