The Collection of an Account That Had Been Previously Written

question 185

Multiple Choice

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

• A)will increase income in the period it is collected.
• B)will decrease income in the period it is collected.
• C)requires a correcting entry for the period in which the account was written off.
• D)does not affect income in the period it is collected.

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Definitions:

Guanine

One of the four main nucleobases found in the nucleic acids DNA and RNA, characterized by its cytosine pairing.

Cytosine

A pyrimidine nucleobase found in DNA and RNA, where it pairs with guanine.

Deoxycytidine Monophosphate

A nucleotide that is involved in DNA synthesis, where it serves as a precursor in the formation of the DNA polymer.

Pyrimidine Bases

Nitrogen-containing heterocyclic compounds found in DNA and RNA, including thymine, cytosine, and uracil.