Which of the following is a method of accounting for uncollectible accounts? allowance method; direct write-off metho All of the above aging of accounts both A and B The adjusting entry for accrued interest on notes receivable includes debiting Interest Revenue and crediting Accrued Interest Payable debiting Accrued Interest Receivable and crediting Interest Payable debiting Interest Expense and crediting Interest Revenue debiting Interest Receivable and crediting Interest Revenue None of the above Written promises to pay specific amounts at a definite future date are said to be promissory notes; on account National Bank has discounted a note for Clems, Inc. This is a 3% note with a maturity value of $15,000 for 90 days. The debit to Discount on Notes Payable in the general journal will be in the amount of $14,662.50 $15,337.50 $15,000.00 $14,887.50 $337.50 charge sales contingent liability on credit A $4,000, 6% note is dated August 5 and is due in 60 days. The maturity value of the note would be $4,040.00 $4,000.00 $1,210.00 payee of the note maker of the note $4,666.67 $1,144.50 The one who is to receive the specified amount of money in a note is called the endorser of the note discounter of the note cosigner of the note The amount a business expects to collect from its accounts receivable is a percentage of the write off amount a net realizable value the allowance method an expense A note in which the maker does not pay or renew at maturity is called a non-interest bearing note dishonored note cosigned note promissory note discounted note The percentage of sales method is based on the relationship between the amount of accounts receivable and the amount of uncollectible accounts True False To minimize the amount of uncollectible accounts, the credit department would need to apply strict credit standards. both A and R assess a large service fee perform an extensive review of each applicant None of the above The person who promises to pay a certain amount of money at a definite future date is called the payne of the nate cosigner of the note discounter of the note maker of the noteendorser of the note a cash shortag