12. Which of the following is true? A. When an account is written off, Allowance for Doubtful Accounts is credited. B. When an account is written off, bad debt expense is credited. C. When an account is written off, Allowance for Doubtful Accounts is debited. D. When an account is written off, Bad debt expense is debited. 13. Which of the following entry is correct for estimating bad debt expense under the allowance method? A. Debit bad debt expense, credit accounts receivable. B. Debit bad debt expense, credit allowance for doubtful accounts. C. Debit Allowance for doubtful accounts, credit accounts receivable. D. Debit accounts receivable, credit allowance for doubtful accounts. 14. Tom Grouper will need $360,000 four years from today, how much must he invest today, assuming an earnings rate of 10%. Choose the closest answer. A. $327,273 B. $527,076 C. $245,885 D. $693,000