A new partner contributes accounts receivable to a partnership which appear in the ledger of his sole proprietorship at $20,500 and there was an allowance for doubtful accounts of $750 . If $600 of the accounts receivables is completely worthless, the partnership accounts receivable should be debited for $19,900
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Groupthink is the tendency for members of a group to internalize the group's values and perceptions and to suppress critical thought.
Answer the following statement true (T) or false (F)
Acme Global provides on-site yoga and exercise classes to all employees. The company hopes that providing these classes for free will help it lower health-care costs. Acme Global’s program is a(n) ______.
A. job training program B. employee assistance program C. employee wellness program D. employee development program
Answer the following statements true (T) or false (F)
A major problem with SFAS No. 114 is that it applies only to creditors, while debtors are still governed by SFAS No. 15.
A period during which sales decrease at an increasing rate signals the beginning of the maturity stage of the product life cycle
Indicate whether the statement is true or false a. True b. False