36 A promissory note is a written promise to pay a specified amount of money either on demand or at a stated future date. True or False True False Uniform Supply accepted a $7,200, 90-day, 7% note from Tracy Janitorial on October 17 What entry should Uniform Supply make on January 15 of the next year when the note is paid? Assume reversing entries are not made.). (Use 360 days a year.) Multiple Choice O Debit Cash $7.326: credit interest Revenue $21; credit interest Receivable $105 credit Notes Receivable $7,200 Debit Notes Receivable 57,200, debit interest Receivable $126; credit Sales 57,326, Debit Cash $7326, credit interest Revenue $126. credt Notes Receivable 57,200 O Debit Cash $7,326; credit Interest Revenue $105 credit interest Receivable $21, credit Notes Receivable $7.200 O Debit Cash $7,326; credit Notes Receivable $7,326. A company factored $30,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a debit to Cash of $30,000, a debit to Factoring Fee Expense of $600, and credit to Accounts Receivable of $30,600. Skipped True or False True False An employee earned $46,200 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 62% and the FICA tax rate for Medicare is 145%. The employee's annual FICA taxes amount is: 4 Multiple Choice $3.59430. $669.90 $6,398 70, 5706860. $2,86440