The interest charged on a $110,000 note payable, at the rate of 7%, on a 90-day note would be *

a.$1,925

b.$4,444

c.$1,890

d.None of the above

The interest charged on a $50,000 note payable, at the rate of 6%, on a 3-month note would be *

a.$1,500

b.$750

c.$500

d.None of the above

The maturity date of a 8-month note borrowed on February 10, 2020 is: *

a.August 10, 2020

b.September 10, 2019

c.October 10, 2019

d.None of the above

The maturity date of a 75-day note borrowed on March 15, 2020 is: *

a.May 28, 2020

b.May 29, 2020

c.May 30, 2020

d.None of the above

A cash register tape shows cash sales of $1,500 including sales taxes of $120. The journal entry to record this information is *

a.Debit cash and credit sales of $1,620

b.Debit cash of $1,620 and credit sales tax payable $120 and sales $1,500

c.Debit cash of $1,620 and credit sales tax expense $120 and sales $1,500

d.None of the above