Unit 3 Assessment.docx - Question 1 Jupiter Company signed...

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Question 1Jupiter Company signed a one-year $36,000 note payable at 8% interest on March 1, 2019. How muchinterest expense must be accrued on May 31, 2019? (Round any intermediate calculations to twodecimal places, and your final answer to the nearest whole number.)$2,880$1,080$720$360
5 pointsQuestion 2On January 1, 2017, the Accounts Receivable of Martha Company had a debit balance of $190,000.During January, the company provided services for $400,000 on account. The company collected$240,000 from its customers on account in January. What was the ending balance in the AccountsReceivable account at the end of January?
5 pointsQuestion 3A company receives payment from one of its customers on August 5 for services performed on July 21.Which of the following entries would be recorded if the company uses accrual basis accounting?
5 points
Question 4When does a company account for revenue if it uses cash basis accounting?
5 points

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Term
Spring
Professor
na
Tags
Accounting, Interest, Generally Accepted Accounting Principles, Anthony, office supplies, JUPITER COMPANY, Martha Company

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