QUESTION 1 On January 1,Wizard Company borrowed $1,500 to be repaid in 4 months, 5% interest.Compute the amount of interest to be paid on May 1st. A. $25 B. $75 C. $100 D. $18.75 E. $6.25

QUESTION 2 On March 1,Wizard Company borrowed $3,200 to be repaid in 7 months, 3% interest.Compute the amount of interest to be paid on October 1st. A. $56 B. $96 C. $672 D. $48

QUESTION 3 On September 1, TekKnow Company borrowed $12,000 on a note payable from the bank. It is a 6-month,4% note. The entry to record this transaction includes: - Debit - Credit A. Notes Payable B. Cash

QUESTION 4 TekKnow's accounting period ends on December 31. Calculate the amount of interest that should be accrued. A. $240 B. $480 C. $40 D. $320 E. $160

QUESTION 5 The entry to record the accrued interest on December 31 would include: - Debit - Credit A. Interest Payable B. Interest Expense

QUESTION 6 On October 1, ABC Company borrows $6,000 from the bank on a 5% note payable due in 8 months. How much interest should be accrued on December 31, the end of the accounting period? A. $300 B. $25 C. $75 D. $200

QUESTION 7 On November 1, ABC Company borrows $7,000 from the bank on a 3% note payable due in 5 months. How much interest should be accrued on December 31, the end of the accounting period? A. $17.50 B. $35 C. $210 D. $84

QUESTION 8 On December 1, ABC Company borrows $10,000 from the bank on a 6% note payable due in 4 months. How much interest should be accrued on December 31, the end of the accounting period? A. $50 B. $600 C. $200 D. $150

QUESTION 9 On August 1, ABC Company borrows $3,000 from the bank on a 4% note payable due in 10 months. How much interest should be accrued on December 31, the end of the accounting period? A. $120 B. $10 C. $50 D. $60