20. Which of the following Journal entries will be recorded when the bad debts are recovered?

A. Cash account (Dr.) & Bad Debts recovered account (Cr.)
B. Accounts Receivable (Dr.) & Bad Debts recovered account (Cr.)
C. Bad debts recovered account (Dr.) and profit & loss account (Cr.)
D. Provision for doubtful debts account (Dr.) & cash account (Cr.)

21. Which of the following appear(s) in both the Income Statement debit column and the Balance Sheet credit?

A. Net income
B. Net loss
C. Dividends
D. Retained earnings

22. Franchise rights, goodwill and patents are examples of:

A. Liquid assets
B. Tangible assets
C. Intangible assets
D. Current assets



20 A
21 A
22 C