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7. The interest due at maturity of a two-month, 8%, $800 note is computed by multiplying $800 x .08 x 2/12. True False 8. The maturity value of a $5,000 note is $5,300. If $180 of the interest has been accrued prior to maturity, the entry to record the honoring of the note at maturity should include a credit to Interest Revenue for $120. True False 9. The principal amount of a 9%, 3-year, note receivable is $300,000 and is dated January 1, 2008. The interest revenue to be recognized on December 31, 2008, is $9,000. True False 10. Short-term receivables are reported in the balance sheet immediately below cash. True False Multiple Choice 1. The sale of merchandise by a company on its own credit card may result in a. debit to Service Charge Expense. b. debit to Interest Expense. c. credit to Interest Revenue. d. credit to Cash