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all of them please On October 1, Mark Company borrows $50,000 from National Bank on a 4- month, $50,000. 6% note. The company prepares its
all of them please
On October 1, Mark Company borrows $50,000 from National Bank on a 4- month, $50,000. 6% note. The company prepares its financial statements annually. What entry must Mark Company make on December 31 before financial statements are prepared? o Debit interest payable and credit interest expense of $500 Debit interest expense and credit interest payable of $1,500 Debit interest expense and credit interest payable of $750 None of the above The entry by Mark Company to record payment of the note and accrued interest on February 1 is * 0 Debit notes payable and credit cash of $51,000 Debit notes payable $50,000 and interest payable $1,000, and credit cash of $51,000 Debit notes payable $50,000 and interest Expense $1,000, and credit cash of $51,000 None of the above The interest charged on a $100,000 note payable, at the rate of 7%, on a 90-day note would be * $4,444 $2,000 $667 None of the above The interest charged on a $50,000 note payable, at the rate of 6%, on a 3-month note would be * $1,500 $750 $500 None of the above The maturity date of a 8-month note borrowed on February 10, 2020 is: * August 10, 2020 September 10, 2019 October 10, 2019 None of the above The maturity date of a 75-day note borrowed on March 15, 2020 is: * May 28, 2020 May 29, 2020 May 30, 2020 None of the above A cash register tape shows cash sales of $1,500 and sales taxes of $120. The journal entry to record this information is * Debit cash and credit sales of $1,620 Debit cash of $1,620 and credit sales tax payable $120 and sales $1,500 Debit cash of $1,500 and sales tax expense $120 and credit sales $1,620 None of the above Linda's Boutique has total receipts for the month of $29,295 including sales taxes. If the sales tax rate is 5%, what are Linda's sales taxes for the month? $27,831 $27,900 $29,295 None of the above A company receives $174, of which $14 is for sales tax. The journal entry to record the sale would include a * Debit to Sales Tax Expense for $14 Debit to Sales for $174 Debit to Cash for $174 None of the above Sales taxes remitted to the government are recorded by * Debiting Sales Taxes Expense Crediting Sales Taxes Payable Debiting Sales Taxes Payable None of the above ARE Company sells 3,000 units of its product for $500 each. The selling price includes a one year warranty on parts. It is expected that 3% of the units will be defective and that repair costs will average $150 per unit. In the year of sale, warranty contracts are honored on 40 units. What amount should ARE Company register for repair costs? $3,000 $2,000 $1,000 O None of the aboveStep by Step Solution
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