Answer the following statements true (T) or false (F)

1. Accounts Receivable may be reported net of Allowance for Doubtful Accounts.
2. TLR Productions reports a balance of $2,000 in the Allowance for Doubtful Accounts and $22,000 in Accounts Receivable. On the balance sheet, the net realizable value reported for Accounts Receivable is $24,000.
3. A promissory note is a verbal promise to pay a specified amount of money on a particular future date.
4. The business or person that signs the promissory note and agrees to pay the required amount is called the payee.
5. The amount loaned out by the payee is called the maturity value.


1. TRUE
2. FALSE
3. FALSE
4. FALSE
5. FALSE

Business

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