7. A note dated May 23 and due in 90 days would be due on A) August 20. B) August 22. C) August 21. D) August 23. 8. The interest on a 90-day, 12 percent, $3,000 note is A) $360. B) $90. C) $60. D). $30. 9. The maturity value of a 60-day, 9 percent, $1,000 note is A) $910. B) $985. C) $1,015. D) $1,090. 10. When a note is dishonored, the payee's entry includes a A) credit to Accounts Receivable. B) debit to Interest Expense. C) credit to Interest Income. D) debit to Notes Receivble. 11. A company has net sales of $100,000 during the year. At year end (before an adjustment is made), Allowance for Uncollectible Accounts has a credit balance of $5,000. If the company estimates that 3 percent of net sales is uncollectible, what is the balance in the allowance account after the year-end adjustment has been made? A) $3,000 debit balance B) $3,000 credit balance C) $8,000 credit balance D) $2,000 debit balance Jse the following to answer questions 12-15: Inventory Purchase Purchase pr. 6. 200 units @ $6.00 300 units e $6.60 100 units e $7.20 200 units e $7.80 40 units e $8.40 620 units 13 20 Purchase Purchase Sale 25 periodic inventory system is used. 12. Using the average-cost method, the cost assigned to ending inventory from the foregoing information is A) $1,518. B) $1,584. C) $4,278. D) $1,692