TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to Cash. * O True O False The aging of accounts receivable examines each account receivable to estimate the amount that is uncollectible. * O True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. * True False The double-declining balance method is applied by (1) calculating the asset's straight-line depreciation rate, (2) doubling it, (3) subtracting residual value from cost, and (4) multiplying the rate times the cost. * O True False An asset that cost $5,000 has a current book value of $2,000. A revision of the useful life of the asset estimates the asset has a remaining useful life of four years and will have a residual value of $400. Using the straight-line method, the revised depreciation will be $500 per year. * True False A privately held corporation has a limited life because it is tied to the physical lives of its owners. * O True False