<u>TRUE</u>
<em>Ewing Marion Kauffman was an entrepreneur who invented a number of new drugs for the healthcare industry.</em>
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Depending on the location if the house and how much you want to sell it for. Just make sure basic things such as Holes in wall’s are fixed or more noticeable details. Otherwise if the house is in good shape and appliances, heating, water are all fine then not a lot.
Answer:
Shally will not having any amount of bad debt deduction for the present year.
Explanation:
In the present year, Shally will not having any amount of bad debt deduction because she has a gain or income of $5,000. As, last year she has account receivable of $60,000 but this year she settled the account by receiving the $65,000 amount. So, she has received more amount than the basis in the receivable. Therefore, she will not have any bad debt deduction this year.
Since the actual process of the transaction is instantaneous, and its takes the money directly out of your account, the account they're dealing with is most likely Revenue.
Accounts Receivable is also another option that may come to mind, but remember that in this account, the seller is waiting for payment. Once the responsible party pays the seller, A/R is credited (decreased) and Revenue is debited (increased).
With iTunes (as stated previously), the transaction happens right then and there. We pay cash and iTunes gives us the song/movie/album/etc. Therefore, the only logical answer would be <u>Revenue</u>. In this case, <em>Sales Revenue</em> since we're dealing with a type of retailer and not a service.
