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(Learning Objectives 2, 3, 4, 5, 6: Apply GAAP for revenue recognition; account for accounts...

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Accounting

(Learning Objectives 2, 3, 4, 5, 6: Apply GAAP for revenue recognition; account for accounts receivable, uncollectible accounts, and notes receivable; show how to speed up cash flow from receivables) Answer these questions about receivables and uncollectibles. For the true-false questions, explain any answers that turn out to be false.

1. True or false? Credit sales increase receivables. Collections and write-offs decrease receivables.

2. True or false? A proper way to express credit terms is

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