10. Bad Debt Expense A. Is recognized as an expense in the year the company finds they will not receive the money. B. Is considered a normal cost of doing business. C. Is an Other Expense on the Income Statement. D. Is not required by the Matching Concept. E. All of the above. Your Answer 11. Which of the following changes describes the payment of $10,000 on the principal of a long-term note payable? A. Assets and owners' equity increase by $10,000 B. Assets and owners' equity decrease by $10,000 C. Assets and liabilities increase by $10,000 D. Assets and liabilities decrease by $10,000 E. No changes in total assets, liabilities, nor owners' equity Your Answer 12. Able Al Co., purchased a new Whatsit on January 1 of 2019. It cost them $80,000, has an estimated salvage value of $10,000 and is expected to last 10 years. What is the balance in the accumulated depreciation account at the end of the fourth year? A. $32,000 B. $20,000 C. $ 28,000 D. $ 7,000 E. Some other number Your Answer 13) When stock that was issued by a corporation is later reacquired it is classified as A. Treasury stock B. Paid in Capital C. Restricted Common Stock D. Non-participating common E. None of these