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Amigo Plastics sold extruded plastic profiles for $7,000 cash and $6,000 on account (payment is due within 60 days). 028. Indicate the account title to
Amigo Plastics sold extruded plastic profiles for $7,000 cash and $6,000 on account (payment is due within 60 days). 028. Indicate the account title to be debited by $6,000. A. Acct Receivable B. Cash C. Inventory D. Retained Earnings E. Sales Revenue 029. Indicate the account title to be debited by $7,000. A. Acct Receivable B. Cash C.Cost of Sales D. Retained Earnings E. Sales Revenue Q30. Indicate the account title to be credited by $13,000. A. Acct Receivable B. Cost of Sales C. Inventory D. Sales Revenue E. Unearned Revenue Transaction 4B. The cost of the merchandise sold in the above transaction was $10,000 Q31. Indicate the account title to be debited by $10,000. A. Cash B. Cost of Sales C. Inventory D. Retained Earnings E. Sales Revenue Q32. Indicate the account title to be credited by $10,000. A. Cash B. Cost of Sales C. Inventory D. Uneamed Revenue E. Sales Revenue Transaction 5A-October I, Y4: Mima signed a $100,000, interest-bearing note payable. It was for three years and specified 12 percent annual interest payable at the maturty date of the note. Q33. Indicate the account title to be debited by $100.000. A. Acct Payable B. Cash C. Long-term Note Payable D. Shornt-term Note Payable E. None Q34. Indicate the account title to be credited. A. Acct Payable B. Cash C. Long-term Note Payable D. Short-term Note Payable E. None Transaction 5B - December 31, Y4: Record interest expense on the note payable discussed in above Transaction. Q35. What is the amount of the interest expense? A. $4,000 B. $8,000 C.$3,000 D.$1,333 E.$800 036. Indicate the account title to be debited. A. Acct Payable B. Cash C. Interest Expense D. Interest Payable Q37. Indicate the account title to be credited. E. Note Payable A. Acct Payable B. Cash C. Interest Expense D. Interest Payable E. Note Payable
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