[The Following Information Applies to the Questions Displayed Below

question 78

Multiple Choice

[The following information applies to the questions displayed below.]
On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050.
-Which of the following correctly states the effect of recording the collection of the reestablished receivable on April 4,Year 2?

• A) Option A
• B) Option B
• C) Option C
• D) Option D

Recognize that a contract requires mutual enforceability to be considered valid.

Understand the distinction between executory and executed contracts based on performance.

Grasp the elements essential for the formation of a valid contract including offer, acceptance, and consideration.

Understand the concept of customer value and its relevance in the marketing process.

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Definitions:

Transgender

Denoting or relating to a person whose sense of personal identity and gender does not correspond with their birth sex.

Third-Wave Feminists

Represents the third phase of feminism, starting in the 1990s, focusing on individuality, diversity, and the inclusion of women's experiences from different backgrounds and identities.

Working-Class Women

Women belonging to the socioeconomic class that is employed in manual labor or blue-collar jobs, often experiencing specific gendered and economic challenges.

First Two Waves

A term often used to describe the initial phases of the feminist movement, with the first wave focusing on legal issues and rights, and the second wave focusing on cultural and social inequalities.