Question 3 Not yet answered Marked out of 1.00 p Flag question Aseela Establishment borrowed OMR 3,000 from Bank Dhofar by signing a notes payable on 90-day, 10% interest. On the day of borrowing the journal entry in the books of Aseela Establishment INCLUDES; (Consider 360 days in a year) a. Notes Payable Cr. 3,075 b. Cash Cr. 3,000 C. Cash Dr. 3,000 d. Notes Payable Dr. 3,000 Ajmal LLC purchased goods worth OMR 8,500 from Safer & Co. on January 12, 2021. Ajmal LLC could not repay it within the credit period of 30 days. Therefore, on February 12, 2021 Safer & Co. accepted OMR 3500 cash and a 60-day, 8% notes payable for the remaining amount. The journal entry to record the payment of note on due date (April 13, 2021) in the Books of Ajmal LLC INCLUDES; (Consider 365 days in year & Assume the accounting year is January to December) a. Interest payable Cr. 400 b. Interest Expenses Dr. 65.750 c. Interest Payable Cr. 65.750 d. Interest Expenses Dr. 400 Aseela Establishment borrowed OMR 3,000 from Bank Dhofar by signing a notes payable on 90-day, 10% interest. On the day of repayment the journal entry in the books of Aseela Establishment INCLUDES; (Consider 360 days in a year) O a. Interest expenses Cr. 300 O b. Notes Payable Cr. 3,075 C. Interest Expenses Dr. 75 d. Interest expenses Dr. 300 Clear my y choice Which one of the following is the main purpose of creating a notes payable? a. To extent the credit period allowed by the supplier b. To extent the credit period allowed to the customer c. To increase credit purchase d. To ensure that the payables is repaid with interest Ajmal LLC purchased goods worth OMR 8,500 from Safer & Co. on January 12, 2021. Ajmal LLC could not repay it within the credit period of 30 days. Therefore, on February 12, 2021 Safer & Co. accepted OMR 3500 cash and a 60-day, 8% notes payable for the remaining amount. The journal entry to record the above on February 12, 2021 in the Books of Ajmal LLC INCLUDES; a. Notes Payable Cr. 8500 b. Accounts Payable Dr. 5,000 C. Accounts Payable Dr. 8,500 d. Notes Payable Dr. 5,000 Ajmal LLC purchased goods worth OMR 8,500 from Safer & Co. on January 12, 2021. Ajmal LLC could not repay it within the credit period of 30 days. Therefore, on February 12, 2021 Safer & Co. accepted OMR 3500 cash and a 60-day, 8% notes payable for the remaining amount. Assume the accounting year ends on 31 March 2021. The journal entry to record the interest due on 31 March, 2021 in the Books of Ajmal LLC INCLUDES: (Cons O a. Interest Payable Cr. 65.750 O b. Interest Payable Cr. 400 c. Interest Payable Dr. 52.600 O d. Interest Payable Cr. 51.500 Clear my choice Ajmal LLC purchased goods worth OMR 8,500 from Safer & Co. on January 12, 2021. Ajmal LLC could not repay it within the credit period of 30 days. Therefore, on February 12, 2021 Safer & Co. accepted OMR 3500 cash and a 60-day, 8% notes payable for the remaining amount. The journal entry to record the payment of note on due date (April 13, 2021) in the Books of Ajmal LLC INCLUDES; (Consider 365 days in year & Assume the accounting year is January to December) a. Cash Dr. 5,000 b. Accounts Payable Cr. 5,000 C. Notes Payable Dr. 5,000 d. Cash Cr. 5,000