Question 18 1.67 pts Harris' customers paid $560 in advance of Harris performing any work. Harris' accountant debited cash and credited revenue when the cash was received. Which of the following statements is true? O Harris' net income is understated. O Harris' retained earnings are overstated. O Harris' cash is understated. O Harris' liabilities are overstated. Question 19 1.67 pts Star World Inc, generated $500,000 in credit sales. The company uses the percentage of sales method to estimate uncollectible accounts. The ending accounts receivable balance is $150,000. It was determined that 9% of credit sales will be uncollectible. Allowance for doubtful accounts holds a current balance of $10,000. The entry to record the above expense will include: a debit to Bad Debt Expense for $45,000. O a credit to Bad Debt Expense for $45,000. Shiny O a debit to Allowance for Doubtful Accounts for $45,000. O a debit to Bad Debt Expense for $10,000, Question 20 1.67 pts Which two organizations have discussed coming together to form a single set of global standards at some point in the future? The PCAOB and the EIFT The IASB and the GASB The EDGAR and the EIFT The IASB and the FASB