Gideon Company uses the direct write-off method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is:
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A. sympathetic B. empathetic C. active D. comprehensive
Which retail institutions do not require advertising support from suppliers?
a. off-price chains and membership clubs b. department stores and variety stores c. superstores and traditional department stores d. variety stores and membership clubs
A mission statement substitutes for more specific objectives.
Answer the following statement true (T) or false (F)
Which of the following statements is true with regard to termination of liability?
a. Discharge of liability is a final step between parties and either party cannot revive liability subsequently. b. Cancellation or renunciation is ineffective without consideration c. Payment and tender of payment are the only two legally acceptable modes of discharging liability. d. Discharge applies to the individual and not to the instrument.