Under the Direct Write-Off Method, to Record the Receipt of Cash

question 52

Multiple Choice

Under the direct write-off method, to record the receipt of cash after an account has previously been written off, you would first:

• A)debit Cash and credit the customer's account.
• B)reinstate the customer's account.
• C)debit Allowance for Doubtful Accounts.
• D)debit Bad Debt Expense.

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Definitions:

Reification

The conceptual process by which abstract concepts, ideas, or social constructs are made tangible or treated as real and concrete entities.

Economic Exchanges

Economic exchanges are transactions involving the transfer of goods, services, or resources between parties, usually in a market context.

Historical Materialism

A theoretical framework in the social sciences, originated by Karl Marx, that focuses on the material economic conditions shaping society and history.

Economic Relations

Pertains to the ways in which economic forces, such as production, distribution, and consumption of goods and services, influence social structures and individual interactions.