On December 31, after making a concerted effort, management determined that it will not be able to collect the $1,200 owed to it by one of its customers. Prepare the necessary journal entry to write the customer's account off. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Explanation: from the above question, the inability of management to collect any outstanding debt from a customer after a particular time frame is termed a bad debt and it can be written off the books of the company.

From the question above, management determined that it will not be able to collect the $1,200 owed to it by one of its customers.

To write this amount off the books,

Debit : Account receivable $1,200

Credit: bad debit written off $1,200

The bad debt written off is an expense account where the amount uncollectible is expensed from the books of the company.

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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