After recording interest on a note receivable, the balance in the note receivable account should equal O the principal amount still outstanding. O the principal amount of the note less accrued interest. O the principal amount plus accrued interest. O the total accrued interest. Which of the following would require two journal entries? O to record sales of merchandise on account in a perpetual inventory system O to record sales of merchandise on account in a periodic inventory system O to record cash purchases of inventory O to record collection of accounts receivable As a general rule, the average collection period for accounts receivable should not exceed O the inventory turnover period. O the credit terms. O one month. O the average age of accounts receivable. Use of the units-of-production method of depreciation results in O varying effects on profit as it depends on actual usage each year. O equal effects on profit each year. O the least effect on profit compared to other methods. O the greatest effect on profit compared to other methods. Oriole Company charges 21% interest on all unpaid Oriole's credit card transactions beyond 30 days. On September 30, Sheridan had a balance owing of $7300 on the credit card that was now past due. What adjusting entry would be recorded by Oriole on September 30 for Sheridan's unpaid balance? (Round answer to 2 decimal places.) O Debit to Credit Card Receivable and credit to Interest Revenue for $126.00. O Debit to Accounts Receivable and credit to Sales for $7300. O Debit to Accounts Receivable and credit to Interest Revenue for $126.00 O Debit to Credit Card Receivable and a credit to Sales for $7300