Q.3 On January 1, 2020, Black Company received a two-month, 9%, $35,000 note from Sami for the settlement of his open account.

The entry by Black Company on January 1, 2020 would include a:

Q.4 Blue Company Made sales of $58,000 on VISA credit cards. The credit card service charge is 2%. The entry to record this transaction by Blue Company will include a credit to Sales Revenue of $58,000 and a debit(s) to

Q.5 Assuming a 360-day year, the interest on a $50,000, 6%, 60-day note receivable is

Q.6 A 60-day note receivable dated July 17 has a maturity date of