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QUESTION 2 An account that is classified as a contra-revenue typically has a debit balance O is subtracted from gross sales revenue to determine net sales revenue. O may include sales discounts and sales returns all of the above are true. QUESTION 3 Acompany's unadjusted trial balance shows a debit balance in the allowance for doubtful accounts. This means that O a. The company has written off more accounts receivable during the period than were accounted for in the opening balance of the allowance. Ob. The company must recognize bad debt expense at least as great as the unadjusted debit balance of the allowance OC. The company has written off too many accounts receivable and should reassess its write-off policy O d. Botha and b above are correct. QUESTION 4 The collection of an account receivable that had been previously written off will increase income in the period it is collected wil decrease income in the period it is collected O requires a correcting entry for the period in which the account was written off does not affect income in the period it is collected