When an Account Receivable That Was Previously Written Off Is

question 100

True/False

When an account receivable that was previously written off is collected,it is necessary to reverse the entry for the write-off before recording the collection.

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Definitions:

Corporate Philanthropy

The act of a corporation donating some of its profits or resources to charitable causes as part of its CSR (corporate social responsibility) initiative.

Corporate Taxes

Taxes imposed on the income or profit of corporations by the government.

Paying

The act of giving money in exchange for goods, services, or to settle debts.

Green Product

Goods that are environmentally friendly or less harmful to the environment, often made from sustainable resources or employing eco-conscious production methods.