Question: QUESTION 7 Under the allowance method, when a year-end adjustment is made for estimated uncollectible accounts a. total assets decrease b. liabilities decrease c. net

QUESTION 7 Under the allowance method, when a year-end adjustment is made for estimated uncollectible accounts a. total assets decrease b. liabilities decrease c. net income is unchanged d. total assets are unchanged QUESTION 8 What is the type of account and normal balance of Allowance for Doubtful Accounts? a. asset, debit b.contra asset, debit c. asset, credit d.contra asset, credit QUESTION 9 Notes may be issued a. when assets are purchased b. to creditors to temporarily satisfy an account payable created earlier c. when borrowing money d. for all of these

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