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On January 16, 2015, Whole Circle had sold goods worth $5,000 to Smith on account. It could not collect cash from the customer, and finally decided to write off the account on December 31, 2015.
However, in November 4, 2016, Smith approached the company to make payment, and made payment. Journalize the transactions on December 31, 2015 and November 4, 2016. (Whole Circle uses the allowance method.)
Property Qualifications
Historical voting or office-holding requirements that individuals own property of a certain value to participate in the political process.
Holding Office
The term refers to the duration or period in which an individual serves in a particular position or office.
Landed Gentry
Refers to the class of wealthy landowners in Britain who held significant social status but did not possess titles of nobility.
Republicanism
A political ideology centered around the concept of a republic, where the government is a public matter and the public matters are decided by elected representatives of the population.
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