In the Situation That a Debtor Becomes Unable to Pay

question 70

Multiple Choice

In the situation that a debtor becomes unable to pay and the amount has not been anticipated through a provision for doubtful debts,what is the entry to record the bad debt?

• A) Dr Debtors; Cr Provision for doubtful debts
• B) Dr Provision for doubtful debts; Cr Debtors
• C) Dr Bad debts expense; Cr Cash
• D) Dr Bad debts expense; Cr Debtors

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Understand the role of affirmative action in enhancing community service among benefited students.

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Definitions:

Breach of Contract

An act of failing to fulfill obligations or terms agreed upon in a contract, which can result in legal action.

Shorter Time Period

A compressed or reduced duration in comparison to a standard or expected timeframe.

Breached Contract

A situation where one party fails to fulfill their obligations under a contract, resulting in a violation of the agreement.

Uniform Commercial Code

A collection of statutes that establish the legal framework for conducting business or commercial activities within the United States.