Speedy Corporation Borrowed $200,000 on March 1, 2012, Signing a One-Year

question 15

Multiple Choice

Speedy Corporation borrowed $200,000 on March 1, 2012, signing a one-year, 7% note payable to First State Bank. The adjusting entry required on December 31, 2012, includes a:

• A) debit to Interest Expense of $14,000.
• B) debit to Cash of $240,000.
• C) credit to Interest Payable of $11,667.
• D) credit to Interest Revenue of $11,667.

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Definitions:

Authentic Leader

An authentic leader is one who is true to their own personality, values, and spirit, regardless of external pressures or challenges.

Transactional Leaders

Leadership style focused on the exchange between leaders and followers, where followers are rewarded for meeting specific goals or standards.

Carrot and Stick Approach

A motivational strategy that uses rewards (carrots) to reinforce positive behaviors and punishments (sticks) to deter negative behaviors.

Change Competency: Mark Hurd

The ability to effectively manage and adapt to change, often attributed to leadership qualities exemplified by the late Mark Hurd.