Question: Mix Recording Studios purchased exist7.800 in electronic components from Tech Com. Mix Recording Studios signed a 60-day, 10% promissory note for exist7, 800. Tech com's
Mix Recording Studios purchased exist7.800 in electronic components from Tech Com. Mix Recording Studios signed a 60-day, 10% promissory note for exist7, 800. Tech com's journal entry to record the sales portion of the transaction is: (#95) A) Accounts Receivable. ______ 7.800 Saks ________7, 8W B) Accounts Receivable ________ 7, 930 Saka _________ 7, 930 C) Notes Receivable ________ 7, 800 Sales _________ 7, 800 D) Notes Receivable _______7, 930 Sales _________ 7, 930 E) Notes Receivable _______7, 800 Interest Receivable ________ 130 Sales _________ 7, 930 A) Item A B) Item B C) Item C D) Item D E) Item E When the maker of a note honors a note honors a note this indicates that the note is: (#97) A) Signed B) Paid in full. C) Guaranteed D) Notarized E) Cosigned Failure by a promissory note's maker to pay the amount due at maturity is known as: (#98) A) Protesting a note B) Closing a note C) Depreciating a note. D) Depreciating a note. E) Depreciating a note. Full Company holds a exist4,000, 8%, 45-day note of Harold Stone. On the maturity date Stone dishonors the note. Which of the following statements is true regarding Fall Company's journal entry to record this event? (#100) A) Fall Company has no entry to make. B) The entry will include a debit to interest revenue for exist40. C) The entry will include a befit to accounts receivable for exist4, 040. D) The entry will include a befit to accounts receivable for exist4,000. E) Both C and D are true statements
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