The write-off of a particular customer's account that becomes uncollectible involves a debit to Allowance for Uncollectibles and a credit to Accounts Receivable
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When using the allowance method, after a company has previously written off an account, ________.
A) the company continues to send monthly statements to the customers whose accounts have been written off B) the company cannot collect from these customers because their accounts have been written off C) when a customer pays on an account that has been written off, the company needs to reverse the write-off to the Allowance for Bad Debts account and then record the receipt of cash D) the company does not need to reestablish the receivable account
By looking at a statement of retained earnings, the effect of dividends on the ending balance of retained earnings can be determined
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The Economic Espionage Act
A. makes the theft of trade secrets by foreign entities a federal crime in the U.S. B. allows the World Court in The Hague to adjudicate trade disputes on behalf of United Nations' members and requires the home country to impose any penalties. C. targets espionage activities that are commonplace in any industry that holds governmental contracts. D. is well-intended in theory, but is virtually impossible to enforce. E. imposes a personal fine on a convicted U.S. citizen of up to $10 million.
A drawer is liable to the holder of a check in a civil suit if the check is dishonored for insufficient funds
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