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Which is not true of a corporation

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Problem 1: Which of the following is not true of a corporation?

a) It is regulated provincially or federally
b) The acts of the shareholders bind the corporation
c) It may buy own and sell property
d) It may enter into binding legal contracts in its own name

Sun Corporation had the following normal account balances:

2020 Ending Allowance for Doubtful Accounts: $5,500
2019 Ending Allowance for Doubtful Accounts: $3,500
Accounts written off during 2020: $4,000

Problem 2: Assuming there were no other adjustments in the account, what was the bad debt expense for 2020? (Hint: Use a T-Account)

Reference no: EM132739576

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