3. Which statement is NOT true? A. Net realizable value is the amount of cash that is actually expected to be collected on AR 8. Allowance for uncollectible accounts is the amount of cash that is expected to be not collected on AR. C. Accounts receivable is the amount owed by customers to a company. D. To correct NSF checks, need to debit AR. E. To write off AR, need to debit AR and credit AUA. 4. Which statement is correct? A. Allowance for uncollectible is liability account. B. Sales discount is expense account. C. Cost of goods sold is expense account. D. Accumulated depreciation is contra liability account. 5. Based on below the income statement items for Apple corp., which is a correct answer for net sales (or net revenue) and gross profit? Sales revenue: Sales discounts Sales allowance Salaries expense:5,000 Interest expense Bad debt expense: Cost of goods sold: 20,000 $100,000 10,000 10,000 5,000 20,000 A. Net Sales 100,000; Gross profit 30,000 B. Net Sales 90,000; Gross profit 60,000 C. Net Sales 80,000; Gross profit 30,000 D. Net Sales 80,000; Gross profit 60,000