Under the percentage of sales method, when a specific customer's account is determined to be uncollectible, the following journal entry is required: Dr Allowance for Doubtful Accounts, Cr Bad Debt Account Dr Allowance for Doubtful Accounts, Cr Accounts Receivable Dr Bad Debt Expense, Cr Accounts Receivable Dr Accounts Receivable, Cr Allowance for Doubtful Accounts Question 6 1 pts Which statement is correct regarding loans and notes receivable: ASPE requires effective interest method of amortization: IFRS does not specify. IFRS requires effective interest method of amortization: ASPE does not specify. Both IFRS and ASPE require effective interest method of amortization. Neither IFRS nor ASPE require effective interest rate method, but it is preferred. Under the percentage of sales method, when a specific customer's account is determined to be uncollectible, the following journal entry is required: Dr Allowance for Doubtful Accounts, Cr Bad Debt Account Dr Allowance for Doubtful Accounts, Cr Accounts Receivable Dr Bad Debt Expense, Cr Accounts Receivable Dr Accounts Receivable, Cr Allowance for Doubtful Accounts Question 6 1 pts Which statement is correct regarding loans and notes receivable: ASPE requires effective interest method of amortization: IFRS does not specify. IFRS requires effective interest method of amortization: ASPE does not specify. Both IFRS and ASPE require effective interest method of amortization. Neither IFRS nor ASPE require effective interest rate method, but it is preferred