Knowledge Check 01 Which of the following statements about credit sales are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Revenue is reported when the company is paid by the customer. Accounts receivable arise from credit sales. Accounts receivable should be reported at net realizable value. O Revenue is reported when the company fulfills its promise to transfer control of a good or service to a customer. O The cost of a bad debt should be recorded in the accounting period in which a business realizes that a customer will not pay the amount owed