Examlex
Trent Distributors has the following transactions related to notes receivable during the last two months of the year.
Dec. 1 Loaned $16,000 cash to E. Kinder on a 1-year, 6% note.
16 Sold goods to J. Jones, receiving a $4,800, 60-day, 7% note.
31 Accrued interest revenue on all notes receivable.
Instructions
Journalize the transactions for Trent Distributors.
Facilitation Payment
A type of bribe made to expedite or secure the performance of a routine or necessary action to which the payer is legally entitled.
Utilitarian
A philosophy which suggests that actions are right if they are beneficial for the majority, emphasizing the greatest happiness for the greatest number.
Greatest Good
A principle in utilitarian ethics focused on actions that result in the greatest benefit or happiness for the largest number of people.
Cognitive Moral Development
A theory proposed by Lawrence Kohlberg that suggests people progress through different stages of moral reasoning as their cognitive abilities mature.
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