Carey Ltd. received a four-month, 6%, $2,400 note receivable on March 1. The adjusting entry on March 31 will include
A. a debit to Cash for $144.
B. a credit to Interest Revenue for $12.00.
C. a debit to Interest Receivable for $144.
D. a debit to Interest Receivable for $48.
查看答案
What is the maturity value of a $80,000, 14%, six-month note?
A. $85,600
B. $91,200
C. $80,000
D. $74,400
If the adjusting entry to accrue interest on a note receivable is omitted, then
A. assets, net income, and stockholders' equity are overstated.
B. assets are overstated, net income is understated, and stockholders' equity is understated.
C. liabilities are understated, net income is overstated, and stockholders' equity is overstated.
D. assets, net income, and stockholders' equity are understated.
Net credit sales total $584,000. Beginning and ending accounts receivable are $46,000 and $50,000, respectively. Calculated days' sales outstanding.
A. 27 days
B. 31 days
C. 36 days
D. 30 days
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