On October 1, 2015, Ealys Jewellers Accepted a 4-Month, 12

question 134

Multiple Choice

On October 1, 2015, Ealys Jewellers accepted a 4-month, 12% note for $6,000 in settlement of an overdue account receivable. The company closes its accounts at the year end. Calculate and record the accrued interest on the note at December 31, 2015.

• A)$180
• B)$160
• C)$240
• D)$140

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Definitions:

Processor

The central unit in a computer or other device responsible for executing instructions and processing data.

Subroutine Area

A section of code designed to perform a specific task, which can be called by other parts of a program to execute the task when needed.

Output Address

The specific location or identifier in a system where output data is sent or stored, allowing for correct data routing and retrieval.

Forced Status

In industrial control systems, forced status refers to the manual overriding of an item's state, bypassing automatic or programmed controls.