On May 1, 2018, Fitz Installed a $498,000 Sound System

question 4

Multiple Choice

On May 1, 2018, Fitz installed a $498,000 sound system for International Arena. Fitz agreed to accept a $478,000 six-month, noninterest bearing note due on November 1, 2018. Fitz prepares financial statements at the end of every calendar year. Fitz's journal entry to record the collection of the note plus accrued interest on November 1, 2018, will include a ________.

• A) credit to Interest Revenue for $478,000
• B) debit to Interest Revenue for $20,000
• C) credit to Note Receivable for $498,000
• D) credit to Note Receivable for $478,000

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Definitions:

Relational Transparency

A leadership behavior characterized by being open, honest, and candid in relations with others.

Servant Leadership

A leadership philosophy which emphasizes the leader's role as serving the needs of others first.

Kohlberg's Model

A theory outlining six stages of moral development, progressing from obedience and punishment orientation to principled conscience.

Formal Reward System

An institutionalized and structured program within an organization designed to recognize and reward employee performance.