A company has net sales of $1,987,200 and average accounts receivable of $432,000. What is its accounts receivable turnover for the period? Multiple Choice 0.36 8.20 24.80 79.40 460 Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 3% charge on sales for using its card. On May 26, Brinker had $6,700 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice Debit Cash $6,700; credit Sales $6,700. Debit Cash $6,499, debit Credit Card Expense $201, credit Sales $6,700. Debit Accounts Receivable $6,499; debit Credit Card Expense $201; credit Sales $6,700. Debr Cash $6.90t credat Gredis Card Expense s20t credit Sale $6 700 Debit Accounts Receivable $6,700; credit Sales $6,700. Jasper makes a $44,000, 90-day, 6.0% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.) Multiple Choice Debit Cash for $44,000; credit Notes Receivable $44,000. Debit Cash $44,660.00; credit Interest Revenue $660.00; credit Notes Receivable $44,000. Debit Cash $44,660.00; credit Notes Receivable for $44,660.00. Debit Notes Payable $44,000; Debit Interest Expense $2,640; credit Cash $46,640 Debit Cash $46,640; credit Interest Revenue $2,640, credit Notes Receivable $44,000. Jasper makes a $46,000, 90-day, 70% cash loan to Clayborn Co. The amount of interest that Jasper will collect on the loan is: (Use 360 days a year.) Multiple Choice $3,220. $268.33 $805.00 $35.78 $1,610.00 On November 19, Nicholson Company receives a $15,600, 60-day, 5% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Interest Revenue $130; credit Interest Receivable $130. Debit Interest Receivable $91; credit Interest Revenue $91. Debit Notes Receivable $91; credit Interest Receivable $91. Debit Notes Receivable $39; credit Interest Revenue $39. Debit Interest Receivable $130; credit Interest Revenue $130. Jasper makes a $83,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: Multiple Choice Debit Notes Receivable for $83,000; credit Cash $83,000. Debit Accounts Receivable $83,000; credit Notes Receivable $83,000. Debit Cash $83,000; credit Notes Receivable for $83,000. Debit Notes Payable $83,000, credit Accounts Payable $83,000. Debit Notes Receivable $83,000; credit Sales $83,000
