Use This Information to Answer the Following Question

question 46

Multiple Choice

Use this information to answer the following question. The transactions below pertain to Bolivar Company,whose fiscal year ends September 30.
The entry to record the September 10 transaction (amounts rounded) is:

• A) Cash 1,480 Notes Payable 1,480
• B) Cash 48,520 Accounts receivable 48,520
• C) Cash 48,520 Notes Payable 48,520
• D) Cash 50,000 Notes Payable 50,000

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Definitions:

Net Payroll

The total amount of wages paid to employees after the deduction of taxes and other withholdings.

IFRS

International Financial Reporting Standards, which are designed to bring consistency to accounting language, practices, and statements on a global scale.

Expected Loss

An estimated amount a company anticipates losing due to credit risk or other potential business risks.

Lawsuit

A legal action taken by one person or entity against another person or entity, typically in a court of law, over a dispute.