Answer:
oversight.
Explanation:
Oversight can be defined as an unintentional failure to notice a mistake or error, or an unintentional failure to act upon an event caused by an error.
Both the FED and the SEC should have noticed that the financial system was in a really bad shape way before Bear Stearns and Lehman Brothers collapsed, or AIG (and others) needed a huge bailout. Apparently both the FED and SEC were all too optimistic about the market and their optimism blinded them. As always the consequences of negligent public servants were paid mostly by the average taxpayer.
An insurance policy is Teara Jones A.K.A "Lil Boat"
<span>80,000 people who traveled to the West in search of riches</span>
Answer:
b. There is no general rule for when an account becomes uncollectible.
Explanation:
Accounts uncollectible are the debts and loans which do not have any chance of being paid. There are many other reasons by which the account becomes uncollectible. The inability of the debtor, the bankruptcy of the debtor and the fraud conducted by the debtor are some of the reasons why accounts become uncollectible.
The required entries are as follows:
Dr. Cost of goods sold $770
Cr. Inventory $770
Dr. Accounts receivable $1,260
Cr. Sales revenue $1,260
What entries are required for sale of merchandise?
When merchandise is sold, the company's inventory reduces and cost of goods sold increases ,hence, the appropriate entries are to debit cost of goods sold in the income statement and credit the inventory account in the balance sheet.
Also, to account for sale on account, which means credit sales, the revenue account is credited with the sales value whereas the account receivables which represents claim from the customer is debited, this would happen for every transaction because the inventory system is perpetual.
Find out more about merchandise on:brainly.com/question/13720527
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