11.A corporation has a $42,000 credit balance in the Income Tax Payable account. Period end information shows that the actual liability is $50,000. The company should record an entry to debit Income Tax Expense for $8,000 and credit Income Taxes Payable for $8,000. Select one: True False

14.An accounts receivable ledger is: Select one: a. A subsidiary ledger that contains an account for each credit customer. b. A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding. c. A book of original entry that is designed and used for recording only a specified type of transaction. d. The ledger that contains the financial statement accounts of a business. e. A subsidiary ledger that contains a separate account for each creditor (supplier) to the company.

21.On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? Select one: a. Debit interest expense, $0; credit interest payable, $0. b. Debit interest expense, $100; credit interest payable, $100. c. Debit interest expense, $150; credit interest payable, $150. d. Debit interest expense, $200; credit interest payable, $200. e. Debit interest expense, $300; credit interest payable, $300.