If an Account Is Collected After Having Been Previously Written

question 184

Multiple Choice

If an account is collected after having been previously written off

• A) the allowance account should be debited.
• B) only the control account needs to be credited.
• C) both income statement and balance sheet accounts will be affected.
• D) there will be both a debit and a credit to accounts receivable.

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Definitions:

Fossil Fuels

Natural fuels such as coal, oil, and natural gas formed from the decomposed remains of ancient plants and animals, used primarily for energy.

Hydrogen Fuel

A clean energy source that, when consumed in a fuel cell, produces only water as a byproduct, offering a potential alternative to fossil fuels.

Net Energy

The difference between the energy expended to harvest an energy source and the amount of energy gained from that harvest.

Ozone

A molecule made of three oxygen atoms, significant in the stratosphere where it protects life by absorbing harmful ultraviolet radiation.