ACC101 - CHAPTER 9

A credit sale of $3,275 to a customer would result in: 

• A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger.
  
  
  

• B. A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger.

• C. A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger.

• D. A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger.

A promissory note received from a customer in exchange for an account receivable: 

• A. Is a cash equivalent for the recipient.
  
  

• B. Is an account receivable for the recipient.

• Is a note receivable for the recipient.

• D. Is a short-term investment for the recipient.

The person who signs a note receivable and promises to pay the principal and interest is the: 

• Maker.
  

• B. Payee.
  

• C. Holder.
  

• D. Receiver.

A promissory note: 

• A. Is a short-term investment for the maker.
  
  

• Is a written promise to pay a specified amount of money at a certain date.

• C. Is a liability to the payee.
  

• D. Is another name for an installment receivable.

The maturity date of a note receivable: 

• Is the day of the credit sale.
  
  

• Is the day the note was signed.

• Is the day the note is due to be paid.

• D. Is the date of the first payment.

The interest accrued on $6,500 at 6% for 60 days is: ĐỀ HỎI TIỀN LÃI THÔI NHÉ

• $ 36

• $ 42.

•  $ 65.

• $180.

Tags

CCSS.7.RP.A.3

A 90-day note issued on April 10 matures on: 

• July 9.
  
  
  

• B. July 10.

• C. July 11.

• D. July 12.

A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is: 

• $ 50.00
  
  

• B. $150.00.

• C. $ 75.00

• $ 37.50.

Tags

CCSS.7.RP.A.3

A company borrowed $10,000 by signing a 180-day promissory note at 11%. The total interest due on the maturity date is. 

• $50
  
  

• $275

• $550

• D. $825

Tags

CCSS.7.RP.A.3

A company borrowed $10,000 by signing a 180-day promissory note at 11%. The maturity value of the note is: 

• $12,050

• $12,275

• $10,550

• $12,825

Tags

CCSS.7.RP.A.3