For a long-term note payable, repaying a portion of along with interest payments is called loan amortization True O False QUESTION 6 Hoff Company uses the allowance method. An account that had been previously written-off as uncollectible was recovered. How do the two parts of the recovery TO Has no effect on total assets, total liabilities or stockholders' equity O Increase total assets and decrease total liabilities Decrease total liabilities and increase stockholders' equity O Increase total assets and stockholders equity QUESTION 7 If a company sells equipment at a loss, the loss False True QUESTION8 Asset exchange transaction Asset source transaction Clalms exchange transaction