Question 1 On October 1, Vaughn's Carpet Service borrows $349000 from First National Bank on a 4 month, $349000, 9% note. What entry must Vaughn's Carpet Service make on December 31 before financial statements are prepared? 10470 10470 10470 10470 Interest Expense Interest Payable Interest Expense Notes Payable Interest Payable Interest Expense Interest Expense Interest Payable 10470 10470 31410 Question Attempts of used Question 2 On October 1, Bramble's Carpet Service borrows $362000 from First National Bank on a 3-month, $362000, 8% note. The entry by Bramble's Carpet Service to record payment of the note and accrued interest on January 1 is Notes Payable Interest Expense Cash 362000 7240 369240 Notes Payable Interest Payable Cash 362000 7240 369240 Notes Payable Interest Payable 362000 2000 Notes Payable 360240 169240 Question Atto : f ed ET ANSWER Question 3 Concord Insurance Company collected a premium of $36060 for a 1 year insurance policy on May 1. What amount should Concord report as a current liability for Unearned Insurance Revene at December 31? 524040. 512020 $36060 50 Question Attempts: 0 of I used BUIT ANSWER CES Question 4 The interest rate investors demand for loaning funds is the contractual interest rate. bond interest rate. market interest rate. e stated rate. CES Question 5 A $2500 face value bond with a quoted price of 98 is selling for $2405. $98. O $2500. $2450