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Will is a 15 year old man who was just arrested for truancy and shoplifting. He has never been in trouble before. He participated in the crime due to peer pressure from his friends making fun of him for being "too good". Will's parents are terrified that his poor decision making will ruin his future.
-Will's truancy violation is an example of a _________ offense.
Deposits in Transit
Funds that have been deposited by a company but not yet recorded by the bank, often causing a discrepancy in the bank statement versus the company’s record.
Contra-Revenue Account
An account that is deducted from a company's gross revenue, which results in net revenue, examples include sales returns, allowances, and discounts.
Sales Discounts
Refers to the reduction in the amount payable by a customer if the customer pays their invoice within a specific period as defined by the seller.
Allowance for Doubtful Accounts
An estimation of the amount of accounts receivable that may not be collectible.
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