On February 1, a customer's account balance of $2,900 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method?A) Debit Bad Debts Expense $2,900; credit Allowance for Doubtful Accounts $2,900.B) Debit Bad Debts Expense $2,900; credit Accounts Receivable $2,900.C) Debit Allowance for Doubtful Accounts $2,900; credit Bad Debts Expense $2,900.D) Debit Accounts Receivable $2,900; credit Allowance for Doubtful Accounts $2,900.E) Debit Allowance for Doubtful Accounts $2,900; credit Accounts Receivable $2,900.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

An industry is a particular form or branch of economic or commercial activity.