31) A receivable occurs when a business_ A) loans money to another party B) sells goods or services to another party on account C) has a monetary claim against a business or individual D) All of the statements are correct. 32) 32) When a company is using the direct write-off method, and an account is written off, the journal entry consists of a A) debit to Accounts Receivable and a credit to Cash B) credit to Accounts Receivable and a debit to Bad Debts Expense C) debit to the Allowance for Bad Debts and a credit to Accounts Receivable D) credit to Accounts Receivable and a debit to Interest Expense 33) 33) Which of the following statements is true of the direct write-off method? A) GAAP requires public companies to follow the direct write-off method. B) It provides better matching of revenues with expenses. C) It results in more accurate net income than any other method. D) It is only suitable for small companies that have very few uncollectible receivables