Richard received his credit card bill and noticed an error. He wrote to the company the next week, pointing out the error in his bill. Under the law, what is the credit card's obligation once it receives Richard's letter?
What will be an ideal response?
Under the Fair Credit Billing Act, the company must acknowledge receipt of the letter within 30 days. Within two billing cycles (but not longer than 90 days) it must investigate the complaint and respond.
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Indicate whether the statement is true or false
A corpus of knowledge is a large set of related data and texts.
Answer the following statement true (T) or false (F)
On December 1, 2017, Galahad, Inc had 200,000 shares of $1 par value common stock issued and outstanding
The next day Galahad declared and distributed a 50% stock dividend. The market value of the stock on December 2, 2017 was $9 per share. Prepare the journal entry for the transaction. What will be an ideal response
Spencer Co. has a $290 petty cash fund. At the end of the first month the accumulated receipts represent $52 for delivery expenses, $163 for merchandise inventory, and $21 for miscellaneous expenses. The fund has a balance of $54. The journal entry to record the reimbursement of the account includes a:
A. Debit to Cash Over and Short for $54. B. Debit to Petty Cash for $290. C. Credit to Cash Over and Short for $54. D. Credit to Inventory for $163. E. Credit to Cash for $236.