QUESTIONS What is the type of account and normal balance of Allowance for Doubtful Accounts? a. asset, debit b.contra asset, debit Cassel, credit d. contra assel, credit QUESTION 9 Notes may be issued a. when assets are purchased b. to creditors to temporarily satisfy an account payable created earlier c. when borrowing money d. for all of these QUESTION 10 On January 5, Thomas Company, a calendar-year company, issued 1,000,000 of notes payable, of which $250,000 is due on January 1 cach of the next four years. The proper balance sheet presentation on December 31 is a. Current Liabilities, $250,000; Long-Term Debt, $750,000 b. Current Liabilities, $1,000,000 Long-Term Debt, $1,000,000 d. Current Liabilities, $750,000 Long-Term Debt, $250,000