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1. A note receivable is issued in August 2016 and collected in February 2017. The entry for the collection will have a: a) debit to

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1. A note receivable is issued in August 2016 and collected in February 2017. The entry for the collection will have a: a) debit to Notes Receivable b) debit to Interest Revenue c) debit to Interest Receivable d) credit to Cash e) credit to Interest Revenue 6. Which business form has limited liability? A. Corporation. B. Sole proprietorship. C. Partnership. D. All of the above. E. None of the above. 3. ADS Company allows customers to pay with credit cards. The credit card company charges ADS 3% of the sale. When a customer uses a credit card to pay ADS $200 for services provided, ADS would: A. Debit cash for $200. B. Credit service revenue for $194. C. Debit service fee expense for $6. D. Credit service revenue for $206. E. Credit service fee expense for $6

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