1. Fez Company bought equipment by signing a note. The supplier gave Fez Company a note with the following terma, $10,000, 3% annual interest, 3 months. Which of the following should Fex Company record on the date the note is paid?

a) Debits Notes Receivable

b) Debit Note Payable

c) Credit Note Payable

d) Credit Note Receivable

e) Credit Equipment

2. Fez Company gave a customer a note related to the sale of equipment. The customer signed the note with the following terms, $10,000, 3% annual interest, 3 months. Which of the following should Fez Company record on the date the note is paid?

a) Debits Notes Receivable

b) Debit Note Payable

c) Credit Note Payable

d) Credit Note Receivable

e) Debit Equipment

3) Debbie's Thrift Store sold merchandise for $100 that was subject to a 6% sales tax. The journal entry to record the transaction would not include:

a) A debit to Sales tax payable for $6

b) a credit to sales for $100

c) a debit to cash for $106

d) a credit to sales tax payable for $6