1 - The maturity value of a $214,800, 5%, 40-day note receivable dated July 3 is

1. $214,800
2. $219,573
3. $225,540
4. $215,993

2- A 60-day, 5% discounted note for $15,600 is received from a customer on account on May 1. What are the proceeds from the note on May 1?

Select the correct answer.

1. $15,600
2. $130
3. $15,730
4. $15,470

3-On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $10,500 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a

Select the correct answer.

1. Notes Receivable for $258
2. Credit to Interest Revenue for $158
3. Interest Receivable for $58
4. Interest Revenue for $358