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Author Question: The Flying Pigs rugby team went bankrupt and owed Team Shirts 364. Using the accounting equation ... (Read 144 times)

urbanoutfitters

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on: Jul 5, 2018
The Flying Pigs rugby team went bankrupt and owed Team Shirts 364. Using the accounting equation format, prepare the entry to record the write-off. Include the account titles and amounts.
 
  Shareholders' equity
   Assets Liab. CC Retained earnings

Question 2

Which of the following is not a strategic planning process?
 a. IT-related requirements to comply with industry, regulatory, legal, and contractual obligations, including privacy, transborder data flows, e-business, and insurance contracts.
  b. Acquisition and development schedules for hardware, software, and application systems and for personnel and financial requirements.
  c. Systems development life cycle adoption to ensure that comprehensive documentation is developed for each application.
  d. An inventory of current IT capabilities.


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dmurph1496

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Reply #1 on: Jul 5, 2018
Answer to Question 1

Shareholders' equity
Assets Liab. CC Retained earnings
- 364 Accounts receivable (Flying Pigs)
+ 364 Allowance for uncollectible accounts

Answer to Question 2

C


urbanoutfitters

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

ttt030911

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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