Quiz_11 - Acct-101 Quiz 11 Current liabilities are due, but...

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Current liabilities are due, but not receivable for more than one year due, but not payable for more than one year due and receivable within one year due and payable within one year On June 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. What is the due date of the note? October 8 October 7 October 6 October 5 On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? $1,200.00 $106.67 $306.67 $400.00 A business borrowed $40,000 on March 1 of the current year by signing a 30-day, 9% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a debit to Interest Payable $300 debit to Interest Expense $300 credit to Cash for $40,000 credit to Cash for $43,600 Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank.
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This note was uploaded on 03/01/2010 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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Quiz_11 - Acct-101 Quiz 11 Current liabilities are due, but...

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