* Question 1.10 A company uses the percentage of net credit sales method to account for bad debts. The company had credit sales of $1,200,000 and bad debts have averaged 2% of credit sales in the past. The bad debt expense for the year is $24,000 2 points O True O False Question 1.11 2 points Business assets acquired for use longer than one year are fixed assets O True O False Question 1.12 Tangible assets are also referred to as Property, Plant and Equipment. 2 points O True O False