Q24. Transaction 3A-May 1, 20x1: ABC Corporation signed a $100,000, interest-bearing note payable. It was for two years and specified 12 percent annual interest payable at the maturity date of the note. Indicate the correct transaction below: A. Debit: Cash, Credit: Short-term Note Payable B. Debit: Cash, Credit: Account Payable C. Debit: Cash, Credit: Long-term Note Payable D. Debit: Long-term Note Payable, Credit: Cash Q25. Transaction 3B-December 31, 20x1: Record interest expense on the note payable discussed in Transaction 3A (above). Indicate the correct transaction below: A. Debit: Cash, Credit: Short-term Note Payable B. Debit: Cash, Credit: Interest Payable C. Debit: Interest Expense, Credit: Long-term Note Payable D. Debit: Interest Expense, Credit: Interest Payable 026. Transaction 3C-December 31, 20x1: What is the amount of the adjusting journal entry for interest expense at the end of the year (based on the information above - transactions 3A and 3B)? A. $6,000 B. $8,000 C. $12,000 D. $3,000 E. $24,000 Q27. Which if the following depreciation methods uses net book value (which is Cost less Accumulated Depreciation) to determine the annual depreciation expense? A. Straight-line B. FIFO C. Units of Production D. Double Declining Balance 5