1) On August 12 Seattle Company received a $60,000, 5%, 90-day note from a customer, Carolina Distributors for an extension of time on a past due amount.

Which of the following should be recorded by the Seattle Company at the maturity date assuming the maturity value of the note is collected:

		Cash should be debited for the maturity value of the note
		Interest Revenue should be credited for the maturity value of the note
		Note Receivable should be credited for the maturity value of the note
		Interest Expense should be debited for the maturity value of the note

2)

A company sold equipment that had an original cost of $50,000 and accumulated depreciation of $45,000 for $8,000 Cash.

What is the gain or loss on the sale of the equipment?

		3,000 gain
		8,000 gain
		42,000 loss
		13,000 gain

3)On August 12 Seattle Company received a $60,000, 5%, 90-day note from a customer, Carolina Distributors for an extension of time on a past due amount. What is the maturity value of the note?