Question 42 2 pts The cost of inventory that has been sold to customers is called: cost of goods sold, and it appears on the income statement. inventory, a current asset that appears on the balance sheet. inventory, a current asset that appears on the income statement. cost of goods sold, and it appears on the balance sheet. Question 43 2 pts ABC Company sold $120,000 of goods and accepted the customer's $120,00010%, 1year note in exchange. Assuming 10% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on June 30 ? Question 44 2 pts Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account increases the allowance for uncollectible accounts. has no effect on the allowance for uncollectible accounts. decreases net income. has no effect on net income