When using the direct write-off method of accounting for ...

[Lobcity]

When using the direct write-off method of accounting for uncollectible receivables, the account Allowance forDoubtful Accounts is debited when a specific account is determined to be uncollectible.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

On January 1, 2011, Bondz, Inc. issued 1,000,000 of 10, 10-year bonds when the market rate of interest was 12. The bonds pay interest QUARTERLY. To calculate the amount of cash that Bondz received, you must use a discount rate of ________.
 
  A) 10
  B) 12
  C) 4
  D) 3

[Ksanderson1296]

Answer to Question 1

False

Answer to Question 2

D

[Lobcity]

Excellent

[nothere]

TYSM