True/False Indicate whether the statement is true or false 1. Generally accepted accounting principles do not nomally allow the use of the direct write-off method of accounting for uncollectible accounts. a. True b. False 2. The due date of a 60-day note dated July 10 is September 10. a. True b. False 3. The interest on a 6%, 60-day note for $5,000 is $300. a. True b. False 4. An intangible asset is one that has a physical existence. a. True b. False