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44. On January 16, Whole Circle Inc. sold goods worth $5.000 to Smith on account. It could not collect cash from the customer, and finally decided to write off the account. Give journal entry to record the write-off assuming that the company uses the allowance method. A. Debit: Bad Debts Expense $5,000; B. Debit: Accounts Receivable-Smith $5,000; Credit: Allowance for Bad Debts $5,000 C. Debit: Bad Debts Expense $5,000; D. Debit: Allowance for Bad Debts $5,000; Credit: Accounts Receivable-Smith $5,000 Credit: Allowance for Bad Debts $5,000 Credit: Accounts Receivable-Smith $5,000 45. The entity that signs the promissory note and promises to pay the required amount is the A. maker of the note B. banker of the note C. holder of the note D. payee of the note 46. The maturity date for a 180 day note issued on March 15 would be A. August 15 B. September 11 C. September 13 D. September 15 47. What is the maturity value of a 3-month, 10% note for $40,000? A. $42,000 B. $44,000 C. $41,000 D. $40,000 48. On November 1, 2014, Parsons Inc. sold machinery to a customer for $20,000. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 9% interest. How much interest revenue was earned during the year 2014? A. $225 B. $300 C. $150 D. $1,350 49, Calculate the interest on a 90-day, 9% note for $36,000. (Use a 360-day year to compute interest.) A. $720 B. $810 C. $880 D.$460 50. The maturity value of a note is the A. principal amount minus interest dne B. principal amount plus interest due C. face amount of the note D. principal amount times the interest rate 51. On January 1, Ajax Corp. accepted a one-year note for $50,000 at 5% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company recorded the dishonor. The amount of the debit in the dishonor entry would be: A. $47,500 B. $2.500 C. $50,000 D. $52,500