16. The Allowance for Doubtful Accounts . . . a. has a normal debit balance b. has a normal credit balance c. appears only on the post-closing trial balance d. any of the above

Use the following information to answer questions 2224. On July 1, 20X0, CriCo takes out a 10%, $10,000 note payable that is due on July 1, 20X1. No interest is accrued at year-end 20X0. 22. If the error is not discovered until July 1, 20X1 . . . a. it will require a prior period adjustment b. it will require a current period adjustment c. it will require both a and b d. it will require no correction

24. To correct this error in 20X0, you need to record just the adjusting entry that was not made because . . . a. an expense account is involved b. no error was made recording the note payable on July 1, 20X0 c. an accrual is involved rather than a deferral d. the books have not been closed