How does the allowance for doubtful accounts impact the financial statements? Multiple Choice Decreases gross profit on the income statement. Increases current liabilities on the balance sheet. Increases long-term assets on the balance sheet. O Decreases current assets on the balance sheet. Which statement is true about operating cash flows? Multiple Choice Operating cash flows decrease when a company pays dividends to its shareholders. Negative operating cash flows can actually be a positive sign for a company. Operating cash flows are positive when cash received from customers exceeds cash paid for regular operating activities. O Operating cash flows summarize a company's debt and equity transactions during the year. JR Corporation borrowed $36,000 at 10% interest on March 1, 2021. The loan and interest are due on March 1, 2022. The accounting entry recorded by JR Corporation on December 31, 2021 should: Multiple Choice decrease interest payable for $3,000. increase interest expense for $3,600. decrease interest payable for $3,600. O increase interest expense for $3,000. BBQ Express provided catering services to a customer on account on March 15. The customer paid BBQ Express on May 9. What journal entry should BBQ Express record on May 9? Multiple Choice Debit accounts receivable and credit revenue Debit accounts receivable and credit cash Debit cash and credit accounts receivable O Debit revenue and credit accounts receivable