Use the Account Code Numbers to Identify How the Following

question 9

Short Answer

Use the account code numbers to identify how the following transactions would be journalized.
[1] Accounts Receivable
[2] Allowance for Doubtful Accounts
[3] Cash
[4] Bad Debts Recovered
[5] Bad Debts Expense
-Wrote off an account using an allowance method.
Debit account ________ Credit account ________

---

Definitions:

Cost Variance

The difference between the expected cost of a project or production process and the actual cost incurred.

Labour Efficiency Variance

A measure used in cost accounting to evaluate the difference between the actual hours worked and the standard hours expected to produce a certain level of output.

Production Manager

The person responsible for overseeing the production process and ensuring that manufacturing runs smoothly and efficiently.

Management By Exception

A management system in which standards are set for various activities, with actual results compared to these standards. Significant deviations from standards are flagged as exceptions.