Lambert invests $10,000 for a 1/3 interest in a partnership in which the other partners have capital totaling $26,000 before admitting Lambert. After distribution of the bonus, what is Lambert's capital?

The use of the allowance method to record bad debts expense violates the matching principle

Indicate whether the statement is true or false

A memo should include all of the following EXCEPT:

A) Sender's name B) Date C) Receiver's address D) Subject