Which of the following accounts is considered a contra asset account? a. allowance for doubtful accounts; b. accounts receivable; c. notes payable; d. buildings. Internal controls are intended to: a. control the internal organization of the accounting department personnel and equipment; b. safeguard assets, ensure the accuracy and reliability of accounting information, and ensure employee compliance with laws and regulations; c. prevent fraud, and promote the social interest of the company; d. provide control over "internal-use only" reports and employee internal conduct The receivable evidenced by a formal document sometimes called a promissory note, which calls for the repayment of principal at a certain date (maturity date) plus interest is known as a: a. prepayment receivable b. note receivable; c. accounts receivable; d. income tax refund receivable. On November 1, 2017, Machine Gun Kelly Company loaned Baby Face Nelson Company $20,000 and received a 6% interest bearing note with both interest and principal due in one year. How much interest receivable on this note will Machine Gun Kelly Company report on its December 31, 2017 balance sheet? a. $1,200 b. $1,000 c. $600 d. $200