A Customer of Exquisite Flooring Recently Filed for Bankruptcy Protection

question 31

Multiple Choice

A customer of Exquisite Flooring recently filed for bankruptcy protection two months ago, leading the credit manager of Exquisite Flooring to conclude that the company would never collect the balance of $2,800 owed by the customer to our company.
-Use the information above to answer the following question.Which of the following journal entries would be made by Exquisite Flooring to record the write-off of the customer's Accounts Receivable balance?

• A) Debit Allowance for Doubtful Accounts and credit Accounts Receivable for $2,800
• B) Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $2,800
• C) Debit Bad Debt Expense and credit Accounts Receivable for $2,800
• D) Debit Sales and credit Accounts Receivable for $2,800

Acknowledge the significance of radioactive isotopes in understanding Earth's age and geological events.

Identify the periods of Earth's history where significant evolutionary changes occurred.

Understand the relationship between continental drift, plate tectonics, and biodiversity development.

Understand the origins and types of fossil fuels.

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or used up within one year or within the business's operating cycle, whichever is longer.

Revenue Accounts

Accounts in the general ledger that record the income generated from the sale of goods or services.

Dividends

Distribution of profits by a corporation to its shareholders, typically in the form of payments.

Retained Earnings

The portion of net income left over for the business after it has paid out dividends to its shareholders, often reinvested in the company.