Upon Collection of the Amount Due on a $6,000 Face

question 75

Multiple Choice

Upon collection of the amount due on a $6,000 face value,90-day note with interest at 10 percent a year,the Note Receivable account is

• A) debited for $6,600.
• B) credited for $6,000.
• C) credited for $6,150.
• D) debited for $6,000.

---

Definitions:

Indefinite Period

A time span without a specified end date, characterized by an absence of defined duration.

Part Performance

A doctrine that permits the courts to enforce an unwritten contract concerning land where certain conditions have been met.

Specific Performance

A legal remedy where a court orders a party to perform their obligations under a contract, rather than simply paying damages for breach.

Memorandum

A written record or communication used in business or diplomatic activities.