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Font Paragraph 3 Styles 5 1 2 4 Which of the following statements about the Allowance for Doubtful Accounts is true? Select the single best answer: A. It is a contra asset account with a credit balance. B. It is a contra liability account with a credit balance. C. It is a liability acco with a debit balance. D. It is an expense account with a debit balance. E. It is a liability account with a credit balance. 2. Accrued expenses and revenues must be given recognition when financial statements are prepared. True False 3. Baby Granger Company received a $2.125 credit card bill which showed purchases of office supplies for $250, books on running a business for $75, and software for $1,800. Which of the following transactions should the bookkeeper post when paying the credit card bil in full? Select the single best answer: A Credit Cash $2.125, debit Credit Card Expense $2.125 B.credit Credit Cards Payable 52.125. debit Office Expense 5250: debit Education Expense $75: debit Equipment for $1,800 C. debit Credit Cards Payabi 52.125 credit Office Expense $250;credit Education Expense 375t credit Equipment $1,800 D. credit Cash $2.125: debit Credit Cards Payable $2.125 E. credit Cash 52,126, debut Education Experte $75, dobit Onice Expanse S250, debit Equipment 1,600 Focus