On November 2, 2014, Quaint General Store Concluded That a Customer's

question 73

Multiple Choice

On November 2, 2014, Quaint General Store concluded that a customer's $400 account receivable was uncollectible and that the account should be written off.What effect will this write­off have on Quaint's 2014 net income and balance sheet totals assuming the allowance method is used to account for bad debts?

• A)Decrease in net income; decrease in total assets
• B)Increase in net income; no effect on total assets
• C)No effect on net income; decrease in total assets
• D)No effect on net income; no effect on total assets

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Definitions:

Nutrient Context

The evaluation of foods and nutrients within the larger framework of the diet and its overall effects on health.

Food Labels

Information provided on packaging of food products, detailing nutritional content, ingredients, and other relevant information.

Complete Proteins

Proteins that contain all the essential amino acids in sufficient amounts for human health, commonly found in animal products and a few plant sources.

Plant Sources

Refers to plants or parts of plants used as food, materials, or energy.