TB MC Qu. 07-75 (Algo) A company recelves... 1 A company receives a 10%, 90-day note for $6.900. The total interest due on the maturity date is: (Use 360 days a year.) 1 points Multiple Choice eBook S172.50 Print Reference: O $690.00 $230.00 $345.00 O $402.50 TB MC Qu. 07-111 (Algo) Jasper makes... 2 Jasper makes a $42,000. 90-day, 8.5% cash loan to Clayborn Company. Jasper's entry to record the collection of the note and Interest at maturity should be: (Use 360 days a year.) 1 points Multiple Choice eBook 0 Debit Cash for $42,000: credit Notes Receivable $42,000. Print O References Debit Cash $42.735.00: credit Interest Revenue $735.00: credit Notes Receivable $42.000 O O O Debit Cash $42.735.00: credit Notes Receivable for $42.735.00 Debit Notes Payable $42.000: Debit Interest Expense $3.570; Credit Cash $45.570. Debit Cash $45.570: credit Interest Revenue $3,570, credit Notes Receivable $42.000. TB MC Qu. 07-117 (Algo) Jax Recording Studio purchased... 3 Jax Recording Studio purchased $6,800 in electronic components from Music World. Jax signed a 90-day, 10% promissory note for $6.800. Music World's foumal entry to record the sales transaction is: 1 points Multiple Choice eBook d O Debit Notes Receivable 56,970; credit Sales $6.970 Print References Debit Notes Receivable 56,200; credit Sales $6.800 Debit Notes Receivable 56,800; debit Interest Receivable $170: Credit Sales S6,970 Debit Accounts Recelvable $6.800: credit Sales $6.800 d Debit Accounts Recevable $6.970; credit Sales $6.970 TB MC Qu. 07-116 (Algo) Giorgio Italian Market bought... 4 Giorgio Italian Market bought $6,800 worth of merchandise from Food Suppliers and signed a 90-day, 10% promissory note for the $6.800. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.) 1 points Multiple Choice eBook O O Debit Cash $6.970: credit Notes Receivable $6.970 References O Debit Notes Receivable 56.800; credit Cash $6.900 o o o o o O Debit Cash $6,800; debit Interest Receivable $170: credit Sales $6,970 O o Debit Notes Receivable 56,970; credit Sales $6.970 O O Debit Cash $6.970: credit Interest Revenue $170; credit Notes Recelvable $6,800 TB MC Qu. 07-137 (Algo) On November 1, Orpheum Company accepted... 5 On November 1. Orpheum Company accepted a $12.200.90-day, 8% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? 1 points Multiple Choice Baak Debit Notes Receivable $12.200; credit Cash $12.200. Print o References Debit Notes Recelvable $12.200; credit Accounts Receivable $12,200. o Debit Notes Recelvable $12.200; credit Sales $12,200. O Debit Notes Receivable $12,444; credit Accounts Recevable $12.200: credit Interest Revenue $244. Debit Sales $12.200: credit Accounts Receivable $12.200
