The Collection of an Account That Had Been Previously Written

question 112

Multiple Choice

The collection of an account that had been previously written off under the allowance method for uncollectible accounts

• A)increases net income in the period of collection.
• B)involves a credit to Bad Debts Expense.
• C)usually requires two journal entries.
• D)is recorded by debiting Cash and crediting Bad Debts Expense.

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Definitions:

IS Operational Plan

Information Systems Operational Plan, a detailed plan that outlines how information systems will support the operational aspects of a business or organization.

IT Strategic Plan

A set of long-range goals that describe the IT infrastructure and major IT initiatives needed to achieve the goals of the organization.

Functional Area Managers

Individuals responsible for managing specific business departments like finance, marketing, or human resources, ensuring their area of expertise aligns with the overall business strategy.

Managerial Aspect

Refers to the viewpoints, activities, or considerations necessary for the effective management and leadership within an organization.