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] Mr. Benson, who operates a small tools supply company, guaranteed payment of a $10,000...

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Accounting

] Mr. Benson, who operates a small tools supply company, guaranteed payment of a $10,000 note for Black Hardware store, one of Mr. Benson’s largest clients. Black Hardware later filed for bankruptcy and defaulted on the loan. Mr. Benson made full payment to satisfy the note. Mr. Benson’s payment should be considered a(n) A. Business bad debt. B. Nonbusiness bad debt. C. Gift. D. Investment.

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