At the end of 2016, nash's trading post, llc has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140. 1. on january 24, 2017, it is learned that the company’s receivable from madonna inc. is not collectible and therefore management authorizes a write-off of $4,210. 2. on march 4, 2017, nash's trading post, llc receives payment of $4,210 in full from madonna inc.

required:

1. prepare the journal entry to record the write-off.

2. what is the cash realizable value of the accounts receivable before the write-off and after the write-off?

Dodd corporation uses the weighted-average method in its process costing system. this month, the beginning inventory in the first processing department consisted of 400 units. the costs and percentage completion of these units in beginning inventory were:

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Acompany set up a petty cash fund with $800. the disbursements are as follows: office supplies $300 shipping $50 postage $30 delivery expense $350 to create the fund, which account should be credited? a. postage b. cash at bank c. supplies d. petty cash