Uniform Supply Accepted a $4,800,90-Day,10% Note from Tracy Janitorial on October

question 27

Multiple Choice

Uniform Supply accepted a $4,800,90-day,10% note from Tracy Janitorial on October 17.What entry should Uniform Supply make on December 31,to record the accrued interest on the note?

• A)Debit Cash $20;credit Notes Receivable $20.
• B)Debit Cash $100;credit Notes Receivable $100.
• C)Debit Interest Receivable $20;credit Interest Revenue $20.
• D)Debit Interest Receivable $100;credit Interest Revenue $100.
• E)Debit Cash $120;credit Interest Revenue $100;credit Interest Receivable $20.

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Definitions:

Organizational Chart

A diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

Formal Communication Network

An organized system of channels and pathways for the exchange of information within an organization following official protocols.

Organizational Charts

Diagrams that depict the structure of an organization, including the relationships and relative ranks of its parts and positions/jobs.

Horizontal Communication

The exchange of information, ideas, and messages between individuals or groups at the same level in an organization.