Need Help Anwsering these questions asap.
TB MC Qu. 07-125 Valley Spa purchased... Valley Spa purchased $7.800 in plumbing components from Tubman Co Valley Spa signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.) Multiple Choice Debit Accounts Receivable $7.930, debit Bad Debt Expense $130, credit Notes Receivable $8,060 Debit Bed Debt Expense 57930; credit Accounts Receivable $7.930, Debit Bed Debt Expense 57800, credit Notes Receivable $7.800. Debit Accounts Receivable-Valley Spa 57800 credit Notes Receivable 57,800 Debit Accounts Receivable-Volley Spa $7.930, credit Interest Revenue $130, credit Notes Receivable 57800 3 TB MC Qu. 07-111 Jasper makes... Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co, Jasper's entry to record the collection of the noto and interest at maturity should boz (Use 360 days a year.) Multiple Choice Debit Cash for $25,000 credit Notes Receivable 525.000 -Book Ask Debit Cash $25.43750, credit interest Revenue $43750, credt Notes Receivable $25.000 Pint Debit Cash $25.47750 Credit Notes Receivable for $25.43750. Debit Notes Payable $25.000, Debit Interest Expense $1350, credit Cath $26750, Debit Cath $26750, credit interest Revenue $50, credit Notes Receivable 525.000 4 TB MC Qu. 07-148 Mackenzie Company sold... Mackenzie Company sold $300 of merchandise to a customer who used a Regional Bank credit card, Regional Bank deducts a 15% service charge for sales on its credit cards and credits Mackenzie's account immediately when sales are made. The journal entry to record this salotronsaction would be: + Doints Mutiple Choice Sud Debit Cash of $300 and credit sales $300, soon Debit Cash of $300 and credit Atcounts Receivable $300 Prest Debit Accounts Receivable $300 and credit Sales $300 res Debit Cash $295.50. detit Credit Card Excenta $450 and credit as $300 Debit Cash $20550 and credit sales $295:50 TB MC Qu. 07-80 A company factored... 6 A company factored $45.000 of its accounts receivable and was charged a 4% factoring fee. The journal entry to record this transaction would include a 1 point Mutiple Chee Skoped Debit to Coash of 545,000, a debt to Factoring Fee pense of $1900, and a credit to Accounts Receivable of 3463800 ook Debit to Cash of 545.000 and a credit to Accounts Receivable of $45,000 Dotto Cash of $13.200. doit to Factoring fee pense of So, and a credit to Accounts Receivable of 5.000 References Drotto Cash of $46,800 and a credit to Accounts Receivable et $46,800 Debit to Cash of $45.000 and a credit to Notes Payable of $45.000 Suom 8 TB MC Qu. 07-150 Kenal Company sold... Kenal Company sold $600 of merchandise to a customer who used a National Bank credit card. National Bank deducts a 3% service charge for sales on its credit cards Kenal electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record the collection from the credit card company would be 1 Multiple Choice Book Debit Cash of 18 and credit Accounts Receivable - National 5678 AH Debit Cash of $618, credit Credit Card Expense 518 and credin Sales 5600 Parerance Debit Accounts Recevabi-National $582. debit Credit Card Expenses and credit Sales 5600 Debit Cash$502: debit Credit Card Experte $10 and credit Sulon 5600 Debit Cash 5582 and credit Sales $502 TB MC Qu. 07-76 A company borrowed... 9 A company borrowed $10,000 by signing a 180 day promissory note at 9%. The total interest due on the maturity date is: (Use 360 days a year.) 1 points Multiple Choice Shoped $900 clock ASR $75 O DY O $450 reces 5300 $1,800 TB MC Qu. 07-116 Giorgio Italian Market bought... 10 Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4,000. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.) . int Mutiple Choice ok Debit Cash $4,060, credit Notes Recevable $4060 Ask Debit Notes Receivable $4,000: Credit Cash $4.000 Print rences Debit Cash $4.000dobit interest Receivable $60, credit Sales $4.060 Debt Notes Receivable $4.060, credit Sales $4,060 O Debit Cash $4,060, credt merest Revenue S60, credit Notes Receivable $4.000 TB MC Qu. 07-110 Jasper makes... 12 Jasper makes a $25,000, 90-day, 7% cash loan to Claybon Co. The amount of interest that Jasper will collect on the loan is: (Use 360 days a yeat.) 1 points Multiple Choice Skot LICH $1,750 AL $145.83 $43250 Arferences $1944 $875.00 TB MC Qu. 07-117 Jax Recording Studio purchased.. 14 Jax Recording Studio purchased $7,800 in electronic components from Music World, Jax signed a 60-day, 8% promissory note for $7.800. Music World's journal entry to record the sales transaction is: 1 pois Skulded Multiple Choice och Debit Accounts Receivable $7,800cred Sales 2000 Debit Accounts Recewable 57,904, creot Sales 57904 References Debit Notes Receivable $2,800, credit Sales 7800 Debit Notes Receivable $7.904: Credit Soles $2,004 Debit Notes Receivable $7.800: debit interest Recevable $104. credit Sales 57.904 TB MC Qu. 07-129 Brinker accepts all major bank credit... 15 Brinker accepts ar major bank credit cards, including First Savings Bank's, which assesses a 2.5% charge on sales for using its card. On May 26, Brinker had $4,800 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? 1 Multiple Choice Debit Accounts Receivable $4,800, credint Sales $4800 A 0 Debit Cuth SA 00, cobredit Card me 8120 ord som $4800 Dubl Cash 40: Credit Sules 54.000 Debit Cash $4.920: credit Credit Card Expose $120: Credit Sale $4.900 Debit Accounts Recome $4,680, debit Credt Card Expense 5:20:creat Sales 54,800 TB MC Qu. 07-128 Jervis accepts all major bank credit... 16 Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charge on sales for using its card on June 28, Jervis had $3,500 in NB Card credit soles. Whet entry should Jervis moke on June 28 to record the deposit? Sipped Multiple Choice Debt Con $3,500; credit Soles $1.500 A Debt Accounts Receivable $3.500 credil Sales 53,500 Prant Debt Coah 53.606 Credit Creo Card Expense 5108 credit Sdes $3,500 Debt Cash $3,395. debit Credit Card Expertse 105 credit Sales $3,500 Debit Accounts Receivable $3.396, debit Credit Card Expense $105 credit as $3.500 TB MC Qu. 07-113 Lemming makes... 19 Lemming makes an $18750. 120-day, 8% cash loan to Notions Co. on November 1 Lemming's end of period adjusting entry on December 31 should be 1 points Multiple Choice cos O Debit Cash for $250. cradit Notes Receivable $250 AN Debit interest Havenue 3600, credt Notes Receivable $500 Ft Debit interest Receivable $250: credit interest Reverse 5250 Debt interest Roceable 5500 Credit interest Revenue 3500 Debr Notes Receivabile 5500:creat interest Revenue 1500 TB MC Qu. 07-137 On November 1, Orpheum Company accepted... 20 On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer to settle his account. What entry should be made on the November 1 to record the acceptance of the note? 1 points Multiple Choice Debit Not Receivable $10,000 credit Cash $10,000 A Debit Note Receivable $10,000 credit Accounts Receivable $10.000 Reference Debli Note Receivable $10,000 credit Sales $10,000 Dobit Not Receivable $10,200, credit Accounts Receivable $10,000 credit interest Revenue $200 Debit Sales $10,000 credit Accounts Receivable $10,000
