Acct 2001Exam 1: Practice Questions42.The due date on a 90 day promissory note dated June 1:
43.The interest on a $6,000, 8%, 9-month note receivable is
44.The maturity value of a $25,000, 12%, 90-day note receivable dated February 20 (rounded to the nearest whole number) is:
45.Martinez Co. paid Acme Co. for merchandise with a $2,000, 90-day, 8% note dated April 1. If Martinez pays off the note at maturity, what entry should Acme make on its books at that time assuming interest has not been accrued?a.CashNotes Receivable2,1602,160b.Notes PayableInterest ExpenseCash2,0001602,160c.CashNotes ReceivableInterest Revenue2,0402,00040d.CashNotes ReceivableInterest Revenue2,1602,000160
46.Which accounts would be debited and credited in the entry to record accrued interest on a note receivable?
47.Bengal Retailers accepted $2,000 of Visa credit card charges for merchandise sold on November1. Visa charges a 2% fee for its credit card use. The entry to record this transaction by Bengal Retailers will include a credit to Sales revenue of $2,000 and a debit(s) to:
Page 7 of 7