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Question 5 (1 point) 5. On October 1, 2018, Falcon received a $20,000 promissory note from Jordan Company. The annual interest rate is 5%, and

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Question 5 (1 point) 5. On October 1, 2018, Falcon received a $20,000 promissory note from Jordan Company. The annual interest rate is 5%, and principal and interest are to be paid in cash at the maturity date of September 30, 2019. Assuming Falcon's fiscal year ends December 31, 2018, what entry needs to be made at that time? Increase interest revenue by $1,000. Increase notes receivable by $250. Increase interest receivable by $250. Increase notes receivable by $1,000. 6. Utah Co. sold $9,000 of merchandise to Big Sky Corporation on December 1, 2018. Utah accepted a promissory note for payment in the amount of $9,000. The note has a term of six months and a stated interest rate of 9%. Utah's accounting period ends on December 31st. What is the maturity date of the note? December 31, 2018 March 1, 2019 May 31, 2019 November 30, 2019

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