Sad Clown Pajamas Is an Internet-Based Wholesaler

question 75

Multiple Choice

Sad Clown Pajamas is an Internet-based wholesaler.The customer account manager at Sad Clown received a call from the manager at Callow Youth Clothing.The firm was entering bankruptcy liquidation and it was unlikely that they would be able to pay the outstanding balance on their account.The account manager decided to write off the account,so he issued a

• A)picking ticket.
• B)bill of lading.
• C)packing slip.
• D)remittance advice.
• E)credit memo.

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Definitions:

Premeditation

The act of planning or considering something, especially a crime, beforehand.

Statutory Period

A time frame defined by law during which certain actions can be taken, such as the filing of lawsuits or the enforcement of rights.

Emancipated

Emancipated describes a minor who has been legally granted the rights and responsibilities of an adult, typically freeing them from parental control and allowing them to make their own legal decisions.

Reaffirmation

An agreement made by a bankruptcy debtor to continue paying a dischargeable debt after the bankruptcy, usually in order to keep collateral or mortgaged property.