Ink Records recorded $2,333,898 in credit sales for the year…
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. Record the year-end adjusting entry for 2018 bad debt using the income statement method. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Read DetailsCompany A purchased Company B, and recorded goodwill as an i…
Company A purchased Company B, and recorded goodwill as an intangible asset on the balance sheet. A few months later Company A realized that it overpaid for Company B by $2million. What is this condition called, and what must company A do now that it knows it overpaid? Do not prepare a journal entry.
Read DetailsAntibiotic resistance can evolve rapidly in bacterial popula…
Antibiotic resistance can evolve rapidly in bacterial populations. Suppose that a type of bacterial infection is normally treated with antibiotic A. A person who has an infection with this type of bacteria takes antibiotic A, but it has no effect. It is determined that the bacteria causing their infection have a new allele that makes them resistant to the antibiotic because it cannot bind to the normal target molecule in the bacteria. How did the bacteria become resistant to the antibiotic? Side note: Fortunately for the person with the infection, it turns out there is another antibiotic that can be used to treat the infection, so the person recovers and is fine.
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