financial accounting

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Question 4 (1 point) If a company determines that they will no longer be able to collect an account receivable, then this account receivable will be "written off" and removed from that company's balance sheet. True False Question 5 (1 point) When a company receives cash from a customer for a receivable that was previously written-off, the net affect on total assets is $0. True False Question 6 (1 point) On July 1st, a company exchanges an account receivable from a customer with a $100,000 note receivable due in 3 years with a 12% annual interest rate. The customer repays the loan and the accrued interest on September 30th. Assume that interest is not compounding from period to period. On July 1st the company records a ______ among other items. debit to accounts receivable debit to note receivable debit to interest receivable credit to interest income Question 7 (1 point) On July 1st, a company exchanges an account receivable from a customer with a $100,000 note receivable due in 3 years with a 12% annual interest rate. The customer repays the loan and the accrued interest at the end of the three years. Assume that interest is not compounding from period to period. On July 31st the company records a _____ among other items. O credit to interest income debit to note receivable debit to accounts receivable credit to interest receivable