1, MULTIPLE CHOICE: 20 Questions@ 2 points each Choose the letter for the response that best answers each of the following Which of the following is a disadvantage when a business accepts credit cards or debit cards from customers? A) The business pays a processing fee. B) The business checks customers' credit ratings C) Th D) The business bears the risk of nonpayment by the customer 1) e business bears the responsibility of collecting cash from the customer. 2) Once an accounts receivable is written off A) the account must be turned over to a collection agency B) the customer's accounts receivable is removed from the books C) the company continues to pursue the collection D) the company still expects to be paid Bad Which of the following is true of the balance sheet presentation of the Allowance for Debts? 3) A) It is reported as an operating expense. B) It is reported as a separate, independent line item under current assets. C) It is shown as a contra account related to accounts receivable. D) It is reported as a current liability. Two methods of estimating uncollectible receivables are A) the allowance method and the amortization method B) the gross-up method and the direct write-off method C) the direct write-off method and the percent-of-completion method D) the aging-of-accounts-receivable method and the percent-of-sales method 5) On July 7, A-1 Credit Union loaned $440,000 to Bridal Retail Shop on a 90 day, 896 note. What is the maturity date of the note? A) October 5 8) October 7 C) October 6 D) October 8