61.

BC Company accepted a 6 month note for $12,000 from a customer on November 1, 2018. The note carried annual interest of 10%. BC Company adjusts and closes annually on December 31. How much interest will it record on this note on its 12/31/18 adjusting entry?

		a. $ 100
		b. $ 200
		c. $ 400
		d. $ 720

56.

A merchant accepts a bank-issued credit card such as VISA for a sale of $10,000. The credit card company charges the merchant a 4% fee. Which of the following is true?

		a. The merchant will receive $6,000 as soon as the cardholder pays that much to the credit card company.
		b. The merchant will receive 96% of each monthly payment made by the credit card holder to the credit card company until $9,600 is received by the merchant.
		c. The merchant will receive $9,600 when it deposits the credit card receipt into its bank account.
		d. The merchant will receive $6,000 from the credit card company 30 days after depositing the credit card receipt.

55.

Company A lends $50,000 to Company B. To record the transaction, Company A will

	a.	Debit Notes Payable
	b.	Credit Notes Payable
	c.	Debit Notes Receivable
	d.	Credit Notes Receivable

54.

Which of the following reconciling items does not require an adjustment to the books of the company?

		a. Outstanding checks
		b. NSF checks
		c. Bank service charges
		d. All the above require adjustments to the books of the company.