Let us assume that the company Taylor Industries bought merchandise from X company. Taylor Industries will record Accounts Payable while X company will record Accounts Receivable.
Since Taylor Industries will no longer be able to pay off its Account Receivable, X company will have to write off the Accounts Receivable. Writing off Accounts Receivable can be done in two ways.
1) Allowance method:
Bad Debt Expense xxxxx
Allowance for Doubtful accounts xxxxx
Writing Off Bad Debt:
Allowance for Doubtful Accounts xxxxx
Accounts Receivable xxxxx
2) Direct Write-off method.
Bad Debt Expense xxxxx
Accounts Receivable xxxxx
In the books of Taylor Industries, it must recognize the cancellation of the Accounts Payable from the transaction with X company.
Accounts Payable xxxxx
Other Income xxxxx
D) the company’s raw materials
The reason being is that it’s the only option where it has more unique potential cause the other ones anyone could get
Answer: Wrongful Discharge
Explanation:
Wrongful discharge, in other words wrongful dismissal or wrongful termination, is the ending of an employment contract by the employer beecause the employer claims that the employee was in breach of his/her employer contract.
An employer might claim an employee is in breach of his/her contract for the following reasons:
Employee refuses to perform tasks that will break the law
Employee reporting a potential violation of a law
Employee participating in union activities
Employee performing a legal obligation, or exercising in a legal right.
Answer:
D. goods but not services; any other country; the United States
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<Jayla>
