A Company That Uses the Percent of Sales to Account

question 93

Essay

A company that uses the percent of sales to account for its bad debts had credit sales of $740,000 in Year 1, including a $720 sale to Marshall Fresh. On December 31, Year 1, the company estimated its bad debts at 1.5% of its credit sales. On June 1, Year 2, the company wrote off, as uncollectible, the $720 account of Marshall Fresh. On December 21, Year 2, Marshall Fresh unexpectedly paid his account in full. Prepare the necessary journal entries:
(a) On December 31, Year 1, to reflect the estimate of bad debts expense.
(b) On June 1, Year 2, to write off the bad debt.
(c) On December 21, Year 2, to record the unexpected collection.

Understand the concept and application of punishment in behavior management.

Recognize the role and effects of extinction in reducing undesirable behaviors.

Differentiate between negative reinforcement and punishment.

Identify the steps involved in the extinction procedure.

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Definitions:

Physical Attractiveness

How much a person's physical characteristics are deemed attractive or beautiful by other people.

Adult Attachment Styles

involves the patterns of expectations, needs, emotions, and social behaviors that result from the internal working models of self and others developed in adulthood, based on childhood experiences.

Occupied

Being in use or taken up by someone or something; also refers to territories that are under the control of a foreign military force.

Fearless

The absence of fear; a psychological state where an individual feels empowered to take risks or face challenges without feeling inhibited by the potential for failure or danger.