The method of accounting for losses from uncollectible accounts that produces a proper valuation of the accounts receivable on the balance sheet is the direct charge-off method. the allowance method based on a percentage of net credit sales. either the allowance method or the direct charge-off method. the allowance method based on aging the accounts receivable. Afirm purchased equipment for $6,000 on credit and issued a 120-day note bearing interest at 9 percent a year as evidence of the debt. To record this transaction, the accountant would debit Equipment for $6,000, debit Interest Expense for $180, and credit Notes Payable for $6,180. Equipment for $6,180, credit Interest Expense for $180, and credit Notes Payable for $6000. Equipment for $6,000 and credit Accounts Payable for $6,000. Equipment for $6,000 and credit Notes Payable for $6.000. Allowance for Doubtful Accounts has a credit balance of $1,000 immediately before the write-off of a $300 account receivable. The credit balance of Allowance for Doubtful Accounts immediately after the write-off is $1,300. $700. $300. $1,000 How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year? $450 $900 $300 $1,800 Which of the following statements is correct? The amount shown on a note is called the face value. A company that issued a 6-month note payable would report its face value on the balance sheet as a long-term liability. To be considered a negotiable instrument, a promissory note must specify an interest rate. All of these statements are correct