For Each of the Following, Identify in Column 1 the Category

question 94

Essay

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature.
- $\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Bad debts } & & & & \\\text { recovered } & & & & \\\hline\end{array}$

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Definitions:

Corporation

A legal entity that is separate and distinct from its owners, capable of owning property, borrowing money, suing or being sued.

Demand

A strong request for something to be given or done, often under the threat of consequences for non-compliance.

Board Of Directors

A group of individuals elected to represent shareholders and make decisions on major company issues.

Merger

In corporation law, traditionally, a transaction by which one corporation acquires another corporation, with the acquiring corporation being owned by the shareholders of both corporations and the acquired corporation going out of existence. Today, loosely applied to any negotiated acquisition of one corporation by another.