The Interest on a $9,000, 6%, 90-Day Note Receivable Is

question 110

Multiple Choice

The interest on a $9,000, 6%, 90-day note receivable is

• A)$135.
• B)$270.
• C)$405.
• D)$540.

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Definitions:

Cash Receipts Journal

A specialized accounting journal used to record all receipts of cash.

General Journal

A primary accounting record used to record all business transactions not specifically assigned to a special journal.

Subsidiary Ledgers

Detailed ledgers that contain information about specific accounts, which then summarize into a control account in the general ledger.

Accounts Payable

Short-term liabilities of a company, representing amounts owed to creditors for goods or services received.