Answer: a. Chapter 7
Explanation:
Chapter 7 bankruptcy is a type of bankruptcy that allows trustee to sell a few of one's property in other to repay creditors. It also allows the cancelation of some debt. The chapter 7 bankruptcy is also known as straight or liquidation bankruptcy and it is the most commonly used especially by individuals.
Answer:
Debit Bad debt expense $19,000
Credit Allowance for doubtful debt $19,000
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.
Amount that may be uncollectible
= 4% * $600,000
= $24,000
Given that the Allowance for Doubtful Accounts has a $5,000 credit balance before adjustment, the additional amount to be adjusted for
= $24,000 - $5,000
= $19,000
Answer:
it got a little hard to understand at the end but from what read, I'll say it's true...
When Fed buys securities from the public, banks' reserves increases and the quantity of money reduces in supply.
<h3>What are Securities?</h3>
Securities simply put are assets that has monetary values like bonds, stocks and they can be traded.
In recent times, people enjoy the digital form of money/securities like cyptocurrencies.
Learn more about Securities here:
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The nations selling the gasoline would be in trouble. They would earn less money and the possibility of a depression like the one the US had under Hoover and FDR would occur.
