When Ellen sues Uncle Moneybags for the $10,000, the type of equitable remedy would be restitution.
<h3>What is restitution?</h3>
It should be noted that restitution simply means the restoration of a particular thing that's lost or stolen.
In this case, when Ellen sues Uncle Moneybags for the $10,000, the type of equitable remedy would be restitution.
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Answer:
On February 1, a customer's account balance of $2,700 was deemed to be uncollectible.
The entry to be recorded on February 1 to record the write-off assuming the company uses the allowance method is:
Debit Allowance for Doubtful Accounts $2,700; credit Accounts Receivable $2,700.
Explanation:
Using the allowance method, every bad debt entry is first reflected in the Allowance for Doubtful Accounts before it is taken to the bad debt expense account.
The entries above reduce the Accounts Receivable account by the amount of the write-off and reduces the Allowance for Doubtful Accounts by the same amount. Any recovery of written off debt is also treated in the Allowance for Doubtful Accounts and the Accounts Receivable account in revised order. This method is unlike the direct write-off method. With the direct write-off method, the Accounts Receivable is credited with the amount of the write-off and the write-off is expensed in the Bad Debts Expense account directly.
The answer is B. antitrust laws.
Antitrust laws are designed to keep competition fair between corporations to protect consumers. These laws promote such competition and discourage monopolies from operating as such.
