A company borrowed $17,000 by signing a 180-day promissory note at 8%. The maturity value of the note is: (Use 360 days a year.)

A. $20,740.00

B. $20,485.00

C. $17,680.00

D. $21,420.00

E. $21,760.00

Giorgio Italian Market bought $11,100 worth of merchandise from Food Suppliers and signed a 120-day, 9% promissory note for the $11,100. Food Supplier's journal entry to record the sales transaction is:

A. Debit Accounts Receivable $11,433; credit Sales $11,433.

B. Debit Notes Receivable $11,100; credit Sales $11,100.

C. Debit Notes Receivable $11,433; credit Sales $11,433.

D. Debit Notes Receivable $11,100; debit Interest Receivable $333; credit Sales $11,433.

E. Debit Accounts Receivable $11,100; credit Sales $11,100.

MacKenzie Company sold $460 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:

A. Debit Cash of $460 and credit Sales $460.

B. Debit Cash $453.10; debit Credit Card Expense $6.90 and credit Sales $460.

C. Debit Cash of $460 and credit Accounts Receivable $460.

D. Debit Cash $453.10 and credit Sales $453.10.

E. Debit Accounts Receivable $460 and credit Sales $460.

On November 1, Orpheum Company accepted a $11,100, 90-day, 8% note from a customer to settle an account. What entry should be made on the November 1 to record the note acceptance?

A. Debit Sales $11,100; credit Accounts Receivable $11,100.

B. Debit Note Receivable $11,100; credit Accounts Receivable $11,100.

C. Debit Note Receivable $11,322; credit Accounts Receivable $11,100; credit Interest Revenue $222.

D. Debit Note Receivable $11,100; credit Sales $11,100.

E. Debit Note Receivable $11,100; credit Cash $11,100.

A company borrowed $23,000 by signing a 90-day promissory note at 12%. The total interest due on the maturity date is: (Use 360 days a year.)

A. $690.00

B. $57.50

C. $1,035.00

D. $2,760.00

E. $345.00