On November 1,Alan Company Signed a 120-Day,8% Note Payable,with a Face

question 58

Multiple Choice

On November 1,Alan Company signed a 120-day,8% note payable,with a face value of $9,000.What is the maturity value of the note on March 1?

• A)$9,000
• B)$720
• C)$9,120
• D)$9,720
• E)$9,240

Understand the characteristics and classification of liabilities, including their normal balance and examples.

Grasp the concept of T accounts, their structure, and the principles of debit and credit sides.

Comprehend the purpose and importance of the journal in recording transactions and its role in the accounting process.

Identify and classify accounts according to their normal balances (debit or credit) and understand the concept of normal balance for different types of accounts.