A. The maturity date of a 90 day, $10,000 note with 8% interest that is issued on November 15, 2016, is

February 23, 2017

February 12, 2017

February 13, 2017

February 15, 2017

B. On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co. ends June 30. What is the amount of interest expense recognized by Acme in the current fiscal year?

$391.11

$293.33

$1,600.00

$400.00

C. The journal entry to record the payment of an ordinary note is:

debit Notes Payable and Interest Receivable; credit Cash

debit Cash; credit Notes Payable

debit Accounts Payable; credit Cash

debit Notes Payable and Interest Expense; credit Cash