Question: 1. A $28,800, 60-day, 5% note, dated May 1, is received from a customer on account. Assume a 360-day year, the maturity value of the

1. A $28,800, 60-day, 5% note, dated May 1, is received from a customer on account. Assume a 360-day year, the maturity value of the note is

a.$29,040

b.$240

c.$28,800

d.$30,240

2. At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $555. During the year, $426 of previously written off accounts is reinstated and accounts totaling $600 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be

a.$600

b.$555

c.$426

d.$381

A $7,000, 60-day, 12% note, dated April 15, is received from a customer on account. The face value of the note is

a.$6,860

b.$7,000

c.$7,140

d.$7,840

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