Assume That Part of Accounts and Other Receivables on Thompson

question 160

Essay

Assume that part of accounts and other receivables on Thompson Toys' balance sheet is $16 million and that Thompson estimates its uncollectible accounts as 2 percent of all accounts receivable.Record the adjusting entry assuming that the company uses accounts receivable aging method to recognize uncollectible accounts if the Allowance for Uncollectible Accounts has a balance of:
a. $104,000 credit
b. $46,000 debit

Define ethical imperatives and their role in guiding behavior.

Distinguish between ethics, tradition, religion, and law, and understand the problems of conflating these concepts.

Recognize the importance of prioritizing and creating options in resolving ethical dilemmas.

Understand the components and structure of effective written argumentation.

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Definitions:

Free Competition

An economic situation in which businesses operate without undue restrictions, allowing for the natural forces of supply and demand to determine prices and output.

Age Of Majority

The age at which an individual is considered legally capable of conducting himself or herself responsibly and is entitled to vote. In contract law, the age at which one is no longer an infant and can no longer disaffirm a contract.

Legally Binding

an agreement or contract that is enforceable by law, obligating parties to fulfill their contractual duties.

Unconscionable

Actions or terms that are excessively unfair or oppressive and not guided by conscience.