Smart Inc., a merchandising company has an account receivable for $125 which it has now deemed uncollectible. The company uses the direct write-off method. Which of the following is required to record the write-off.
On October 1, 2015, Earl Jewelers accepted a 4-month, 12% note for $6,000 in settlement of an overdue account receivable. The company closes its account at the year end. Calculate the accrued interest (interest payable) on the note at December 31, 2015.
On January 1, 2015, londel Inc. acquired a machine for $1,000,000. The estimated useful life of the asset is 5 years. The residual value at the end of 5 years is estimated to be $50,000. What is the book value of the machine at the end of 2016, if the company uses the straight line method of depreciation?
Dinkle company had purchase equipment for $50,000 on January 1, 2015. On December 31, 2017, the company sold the equipment for $23,000. Accumulated Depreciation as of December 31, 2017 was $25,000. Calculate gain or loss on sale.
Amounts owed for products or services purchased on account is called?