74) A 90-day note issued on April 10 matures on: A) July 9. B) July 10. C) July 11. D) July 12. E) July 13. 77) A company borrowed $10,000 by signing a 180-day promissory note at 9%. The maturity value of the note is: (Use 360 days a year.) A) $10,450 B) $10,900 C) $10,075 D) $11,800 E) $10,300 78) A finance company or bank that purchases and takes ownership of another company's accounts receivable is called a: A) Payer. B) Pledger C) Factor. D) Payee. E) Pledgee. 79) Factoring receivables is beneficial to a seller for all of the following reasons except: A) Allows firms to receive cash earlier. B) Passes ownership of the receivables to the factor. C) There are no fees for factoring. D) Seller avoids the cost of billing and accounting for receivables. E) May transfer the risk of bad debts to the factor. 74) A 90-day note issued on April 10 matures on: A) July 9. B) July 10. C) July 11. D) July 12. E) July 13. 77) A company borrowed $10,000 by signing a 180-day promissory note at 9%. The maturity value of the note is: (Use 360 days a year.) A) $10,450 B) $10,900 C) $10,075 D) $11,800 E) $10,300 78) A finance company or bank that purchases and takes ownership of another company's accounts receivable called a: A) Payer. B) Pledger C) Factor D) Payee. E) Pledgee. 79) Factoring receivables is beneficial to a seller for all of the following reasons except: A) Allows firms to receive cash earlier. B) Passes ownership of the receivables to the factor. C) There are no fees for factoring. D) Seller avoids the cost of billing and accounting for receivables. E) May transfer the risk of bad debts to the factor. 80) A con factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The journal entry to record this transaction would include a: A) Debit to Cash of $45,000, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $46,800. B) Debit to Cash of $45,000 and a credit to Accounts Receivable of $45,000. C) Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. D) Debit to Cash of $46,800 and a credit to Accounts Receivable of $46,800. E) Debit to Cash of $45,000 and a credit to Notes Payable of $45,000