Which statement is true about the statement of cash flows? Multiple Choice All of these statements are true. The operating section starts with net income using the indirect method. The indirect method is more transparent than the direct method. The operating, investing, and financing sections of the statement are different under the direct and indirect methods. Which statement best describes depreciation expense? Multiple Choice It calculates the fair market value of long-term assets. It represents the systematic allocation of a long-term asset's cost to the periods in which it generates revenues. It represents a cash outflow in the current period. O It is a contra-asset. ABC Company was just notified that a customer filed for bankruptcy, so ABC Company decides to write off the customer's account. ABC Company's accounting entry to write off the uncollectible account will: Multiple Choice decrease net income. increase bad debt expense. O o increase accounts receivable. decrease accounts receivable. O JR Corporation borrowed $36,000 at 10% interest on March 1, 2021. The loan and interest are due on March 1, 2022. The accounting entry recorded by JR Corporation on December 31, 2021 should: Multiple Choice decrease interest payable for $3,000. increase interest expense for $3,600. decrease interest payable for $3,600. O increase interest expense for $3,000. BBQ Express provided catering services to a customer on account on March 15. The customer paid BBQ Express on May 9. What journal entry should BBQ Express record on May 9? Multiple Choice Debit accounts receivable and credit revenue Debit accounts receivable and credit cash O Debit cash and credit accounts receivable O Debit revenue and credit accounts receivable