JCC Incorporation issued a $160,000, 5-year, 9% note at face value to a Bank on January 1, 2014, and received $100,000 cash. The note requires annual interest payments each December 31. Prepare JCCs journal entries to record: a. The issuance of the note and b. The December 31 interest payment.

Which one of the following journal entry is required to record $1,000 transfer of funds to petty cash? 1. Cash Dr. $1,000 Petty cash Cr. $1,000 2. Petty Cash Dr. $1,000 Cash Cr. $1,000 3. Cash Dr. $1,000 Sales revenue Cr. $1,000 4. Postage expense Dr. $1,000 Cash Cr. $1,000.

A company purchased 300 units @ $20 per unit on January 4th and 350 units @ $28 per unit on January 6th 2010. Company sold 450 units on January 15th, 2010. On January 15th, 2010, the cost of goods sold using LIFO method will be: 1. 15,400 2. 11,800 3. 18,200 4. 16,500