On March 1, 2015, Dick Miles Purchased a Suit at Kenny's

question 84

Short Answer

On March 1, 2015, Dick Miles purchased a suit at Kenny's Fine Apparel Store. The suit cost $600 and Dick used his Kenny credit card. Kenny charges 2% per month interest if payment on credit charges is not made within 30 days. On April 30, 2015, Dick had not yet made his payment. What entry should Kenny make on April 30th? a.
$\begin{array}{lrr} \text {Uncollectible Account } &600\\ \text { Accounts Receivable } &&600\\\end{array}$

b.
$\begin{array}{lrr} \text { Bad Debt Expense } &588\\ \text { Interest Expense} &12\\ \text {Accounts Receivable } &&600\end{array}$


c.
$\begin{array}{lrr} \text { Accounts Receivable } &612\\ \text { Interest Expense } &&12\\ \text {Sales Revenue } &&600\end{array}$

d.
$\begin{array}{lrr} \text { Accounts Receivable } &12\\ \text { Interest Revenue } &&12\\\end{array}$

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Definitions:

Motivates

To stimulate someone's interest or enthusiasm for doing something.

Vision

The ability to think about or plan the future with imagination or wisdom; a mental image of what the future will or could be like.

Empowering

Giving someone the authority or power to do something, often leading to increased confidence and autonomy.

Shared Leadership

Shared leadership is a team management approach where leadership roles and responsibilities are distributed among team members, rather than centralized in a single leader, promoting collaboration and empowerment.