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20) Which accounting principle requires that bad debts expense be recognized in the same period as the sale? A) matching C) entity B) cost D) revenuerecognition 21) XYZ Company's accounting records on January 1 show ed: $50,000 Accounts receivable Allowance for uncollectible accounts (4,000) On January 2, XYZ wrote off an account receivable of $1,000 from Bounder, Inc. As aresult of this write-off, the net realizableval ue of XYZ's accounts receivable will A) decrease B) increase C) remain the same D) The answer cannot be determined from the information given 22) Ace Electronics accepted a promissory note from Fenstermaker, who promised to pay Ace $2,000 plus 6% interest at the end of six months. When Ace first accepts the note, it shou ld record A) anote payable of $2,060 C) anote receivable of $2,000 B) anote receivable of $2,060 D) anote payable of $2,000 23) The balance in Accounts Receivable was $650,000 at the beginning of the year and $750,000 at the end of the year. Credit sales for the year totaled $4,100,000. During theyear, $400,000 in customer accounts were written off. How much cash w as ollected from customers during the period? A) $4,400,000 D) $3,600,000 B) $4,800,000 C) $4,000,000 24) Acme, Inc. accepted a promissory note from NadirCo, who promi sed to pay Acme $5,000 plus 6% interest at the end of four months. When N adirCo pays the note, Acme will receive A) $5,300 D) $5,100 B) $5,150 C) $5,000 25) If a company recei ves a note receivable on account, what journal entry is prepared? A) debit Notes Receivable and credit Sales Revenue B) debit Cash and credit Accounts Receivable C) debit Accounts Receivable and credit Notes Payable D) debit Notes Receivable and credit Accounts Receivable 26) Sales for December for Team Shirts were $36,000. The average net accounts receivable was $1,425. The accounts recei vable turnover was C) 25.26 times A) 9.83 times B) 4% D) 14.5 days 27) South Sea's sal es were $60,000 for 2011 and $45,000 for 2012. Average net receivables were $4,000 for both 2011 and 2012. The average collection period for 2011 was A) 24.3 days C) 32.4 days B) 11.25 times D) 15 times