If an Account Is Collected After Having Been Previously Written

question 70

Multiple Choice

If an account is collected after having been previously written off

• A)the allowance account should be debited.
• B)only Accounts Receivable is 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:

Public Ownership

The ownership of industries and assets by the government or state, as opposed to private individuals or corporations.

U.S. Postal Service

The U.S. Postal Service is an independent agency of the executive branch of the United States federal government that provides postal services.

Team Process

The sequence of activities, interactions, and dynamics through which a team works together to achieve shared goals or complete projects.

Team Development

The process of enhancing the effectiveness, cohesion, and success of a team through various stages.