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3 points What is the SECOND journal entry recorded after an account receivable is later collected after previously being written off? DR Cash; CR Allowance for Doubtful Accounts DR Cash; CR Revenue DR Cash; CR Accounts Receivable DR Cash; CR Bad Debt Expense Earn interest revenue on monthly unpaid balances. Transfer credit risk to Visa, MasterCard, etc. Grow sales Pass the burden of checking the quality of applicants to Visa, MasterCard, etc. 4 points Calculate the accrued interest at Dec 31 (assume 30 days per month): What type of account is PREPAID Insurance? Current Asset Current Liability Long-term Asset Revenue Long-term Liability Expense What type of account is SALES TAX PAYABLE? Current Asset Long-term Expense Current Liability Long-term Liability Long-term Asset Current Expense What type of account is NOTES PAYABLE? Liability Retained Earnings Expense Revenue Asset Common Stock What type of account is UNEARNED REVENUE? Liability Common Stock Revenue Asset Expense Retained Earnings