Taxes Receivable of $80,000, Which Have a Related Allowance for Uncollectible

question 18

Multiple Choice

Taxes receivable of $80,000, which have a related allowance for uncollectible taxes of $8,000, become delinquent. The entry to record this includes a debit to

• A) Taxes Receivable - Current.
• B) Allowance for Uncollectible Current Taxes.
• C) Allowance for Uncollectible Delinquent Taxes.
• D) Revenues - Property Taxes.

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Definitions:

Internet Platform

Digital platforms operating online, providing a range of services, including social media, e-commerce, and information exchange.

Audio And Video

Technologies and devices used to record, transmit, store, process, and playback sound and visual media files.

Vicarious Liability

Holding one person or entity legally responsible for the actions of another, typically an employee or agent.

Principal-Agent Relationship

A relationship in which one party (the agent) is authorized to act on behalf of another (the principal) in conducting transactions with third parties.