Which of the following is the entry to record payment of a note payable with interest? Multiple Choice Debit Cash, credit Notes Payable, credit Interest Expense Debit Notes Payable, debit Interest Expense, credit Cash Debit Cash, credit Notes Receivable, credit Interest Expense Debit Notes Receivable, debit Interest Expense, credit Cash How often are postings from the cash receipts journal made to the customers' accounts in the accounts receivable ledger? Multiple Choice Monthly, at end of month Weekly, at end of week Daily Annually Which of the following is true concerning the Cash Short and Over account? Multiple Choice If it has a credit balance, it is treated as expense. If it has a credit balance, it is treated as revenue. If it has a debit balance, it is treated as revenue. Regardless of its balance, it is treated as expense. To take the discount, what is the payment date for an invoice dated January 21 with terms 3/15, n/30? Multiple Choice February 5 February 4 February 3 February 7 Collection of a note receivable is recorded in the: Multiple Choice accounts receivable journal. cash receipts journal. general journal. promissory note journal. Which of the following would not be a column in a cash receipts journal? Multiple Choice Accounts Receivable credit Sales credit Cash debit All of these are columns in a cash receipts journal. A cash refund given to a customer for returned goods would be recorded in the Multiple Choice cash receipts journal general journal cash payments journal purchases journal Which items are considered cash? Multiple Choice Currency Funds on deposit in the bank Money orders All of these are correct. The entry to record replenishing the petty cash fund will usually: Multiple Choice have several debits, with a credit to Petty Cash. have several credits, with a debit to Petty Cash. have several credits, with a debit to Cash. have several debits, with a credit to Cash. Which of the following best describes the Notes Receivable account? Multiple Choice Asset, normal debit balance Asset, normal credit balance Revenue, normal debit balance Revenue, normal credit balance