U Question 2 2 pts In aging the receivables, each customer's balance is analyzed separately to determine how long it has been outstanding O True O False Question 3 2 pts The allowance for bad debts account may have a debit balance prior to adjustment. O True O False U Question 7 2 pts Whenever a company elects to make sales on account, it is inevitable that some receivables will become uncollectible. O True O False Question 8 2 pts Under the accrual basis of accounting, the allowance method is generally required for financial reporting purposes. O True O False D Question 11 2 pts Under the percentage of sales method, the adjusting entry at the end of the period for bad debt expense is affected by the current balance in the allowance for bad debts account True Fake Question 12 2 pts Allowance for Bad Debts is a contra-liability account. O True Fake Question 13 2 pts Most firms are able to increase sales by extending credit to customers. True O Fake D Question 14 2 pts The amount of the year-end adjustment for Allowance for Bad Debts is equal to the aging percent of uncollectible accounts multiplied by the amount of accounts receivable. O True O Fale