Question
1) Marcus Corp. signed a note payable with Ryan Company on January 1, 2020. Marcus borrowed $3,000 from Ryan at a rate of 5%. Both
1) Marcus Corp. signed a note payable with Ryan Company on January 1, 2020. Marcus borrowed $3,000 from Ryan at a rate of 5%. Both interest and principal are payable on June 30, 2020. The journal entry to record the note on January 1, 2020 for Marcus Corp. is:
Select one:
a. Debit Note Payable $3,000; Credit Cash $3,000
b. Debit Cash $3,000; Credit Note Payable $3,000
c. Debit Cash $3,075; Credit Note Payable $3,075
d. Debit Note Payable $3,075; Credit Cash $3,075
2) Every business is required to withhold amounts from an employees gross pay. These amounts are called:
Select one:
a. Statutory deductions
b. Required deductions
c. Voluntary deductions
d. Obligatory deductions
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started