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Current Liabilities are used to pay company's current assets. True False Factoring is one of the methods used to estimate the amount of uncollectible receivables. True False Both accounts and notes receivables are trade receivables that include interest * True False On March 19, 2021 Mac Company factors $70,000 of accounts receivable to Funds Factors which charges a fee of 5%. The journal entry to recognize the sale of accounts receivable includes: Credit Accounts Receivable $66,500. Debit Cash $66,500 Debit Cash $70,000. Credit Service Charge Expense $3,500. None of the above. On June 1, 2021 Lia Company sold merchandise on account to Chris Company for $10,000 plus 7% sales tax. The company remits the sales tax to the government on June 31, 2021. Remittance of taxes is equal to: $10,770 $10,000 $9,345. O $700. None of the above Current Liabilities are listed in the Income Statement. True False Factor company is responsible for collecting money from customers. * True False Current Liabilities are used to pay company's current assets. * True False Factoring is one of the methods used to estimate the amount of uncollectible receivables. True Zein Company uses direct write-off method to account for uncollectible accounts. On December 1, 2021 Zein Company's credit manager decided to write-off accounts worth $5,000. The journal entry to record the transaction on December 1 will include: * Credit Allowance for Doubtful Account $5,000. Credit Accounts Receivable $5,000. Credit Cash $5,000 Credit Bad Debt Expense $5,000. None of the above. On March 10, 2021 Lila Company purchases supplies on account from Alex Company for $6,000 and pays the due amount on April 1, 2021. On March 10, 2021 the journal entry in the books of Lila Company includes: * Debit Accounts Payable $6,000. Debit Cash $6,000 Debit Notes Payable $6,000. Debit Supplies $6,000 None of the above