James Is in the Business of Debt Collection

question 79

True/False

James is in the business of debt collection.He purchased a $20,000 account receivable from Green Corporation for $15,000.During the year, he collected $17,000 in final settlement of the account.James can take a $2,000 bad debt deduction in the current year.

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Definitions:

Ossicles

Tiny ossicles located within the middle ear that transfer sound waves from the tympanic membrane to the cochlea.

Human Hearing

The faculty by which humans perceive sound through vibrations detected by the cochlea in the ear.

Range

In statistics, range refers to the difference between the highest and lowest values in a dataset.

Place Theory

A hearing theory that suggests different areas of the cochlea are activated by different frequencies of sound, enabling us to distinguish pitches.