What are the correct answers for these questions?

When an account previously written off is subsequently recovered and collected, the transaction would a. Increase profit under the direct write off method. b. Increase profit under the allowance method. c. Decrease profit under the direct method. d. Increase net accounts receivable under the allowance method. When specific customer's account is written of' by a company using the allowance method, the effect on profit and amortized cost of accounts receivable are, respectively r. a. No effect, decrease. b. No effect, no effect. c. Decrease, decrease. d. Decrease, no effect. A longterm noninterest bearing note received in exchange for property, goods or services is recorded at a. Fair market value of property, goods or services or note, whenever is more reliably determinable. b. Maturity value of the note. c. Face value of note. d. Present value of the note. In Orchard Company's December 31,2013 statement of financial position, a note receivable was reported as a non-current asset and its accrued interest for eight months was reported as a current asset. Which of the following terms would fit Orchard's note receivable? a. Both principal and accrued interest amounts are payable on April 30 2014 and April 30, 2015. b. Principal and interest are due on December 31, 2015. C. Both principal and interest amounts are payable on December 31, 2014 and December 31, 2015 d. Principal is due on April 30, 2015 and interest is due on April 30, 2014 and April 30, 2015., A discount given to a costumer for purchasing _| a large volume of merchandise is a. Quantity discount. b. Cash discount. c. Size discount. d. Trade discount. Wisdom, Inc. receive a three-year, non-interest bearing trade note for P50,000 on January 1, 2013. The current interest rate at that time was 15% for similar notes. Way recorded the receipt of the note as follows: Notes Receivable 50,000 Sales 50,000 What is the effect of this accounting for the notes receivable on Wisdom, Inc.'s profit for years 2013, 2014, and 2015 and its retained earnings at the end of 2015, respectively? a. Overstate, overstate, understate, no effect. b. Overstate, understate, understate, no effect. c. Overstate, understate, understate, understate. d. No effect on any of these.When the direct write off method of recognizing bad debts expense is used, the entry to write off a specific customer account would a. Increase profit. b. Have no effect on profit. c. Increase the accounts of receivable balance and increase profit. d. Decrease the accounts of receivable balance and decrease profit