5. Which of the following statements is TRUE? a The joumal try to record Bad Debt Expense causes Total Assets to decrean 1. The journal entry to write off an account includes a debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts The journal entry to record an uncollectable accounts write off causes Total Assets to decrease. d. All of the statements are true C. 2 6 A $2.000, 120 day, 9% note was received on October 13 and the fiscal year eaded on October 31 Interest will be paid by tho borrower on the matursty date of the note. The adjusting entry made on October 31 to record the interest receivable is (amounts rounded to nearest dollar, use 360 day year) Interest Revenue 27 Interest Roosivable 27 b. Interest Receivable Interest Revenue Cash 180 Interest Receivalile 180 d. Interest Receivable Interest Revenue 00 9 60 7. Mars, Incorporated sells $700,000 of its products to Jewel-Osco Company Jewel signs a promissory note that has the following terms annual interest rate of 5% and principal plus interest due in 6 months. Arcurrunett Jewel repays the entire amount as scheduled after 6 months, what is the Maturity Value of Mars' not receivable? a $735,000 b. S717,500 CS700,000 d. 5682.500