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QUESTION 1 A payable is any amount of money due to be paid to any party generally resulting from a past transaction True False QUESTION 2 In estimating uncollectible accounts for a period, the percentage of sales method is the simplest method True O False QUESTION 3 Once an account has been identified as being uncollectible, Allowance for Uncollectible Accounts is debited (assume an annual adjusting entry is made for uncollectible accounts True False QUESTION 4 The net realizable value is the O A. balance in Accounts Receivable after the year-end adjustment B. Accounts Receivable balance plus the Allowance for Uncollectible Accounts balance after the year-end adjustment amount expected to be collected from accounts receivable. O D. balance in Allowance for Uncollectible Accounts. QUESTION 5 One of the objectives sought through use of the allowance method of accounting for uncollectible accounts is a proper matching of expenses and revenues True False