Iron Objects Such as Storage Tanks and Underground Pipelines Can

question 148

Multiple Choice

Iron objects such as storage tanks and underground pipelines can be protected from corrosion by connecting them through a wire to a piece of

• A) Pb.
• B) Ag.
• C) Sn.
• D) Mg.
• E) Cu.

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Definitions:

Journal Entries

Records of financial transactions in the accounting system, showing accounts affected, amounts, and date.

Allowance Account

An account used in accounting to reflect anticipated losses from accounts receivable that might not be collected.

Direct Write-Off Method

A method of accounting for bad debts whereby companies directly remove (write off) uncollectible amounts from accounts receivable when they are deemed uncollectible.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period.