On January 1,2013,Merrill Company Borrowed $100,000 on a 10-Year,7% Installment

question 77

Multiple Choice

On January 1,2013,Merrill Company borrowed $100,000 on a 10-year,7% installment note payable.The terms of the note require Merrill to pay 10 equal payments of $14,238 each December 31 for 10 years.The required general journal entry to record the first payment on the note on December 31,2013 is:

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Definitions:

Intrinsic Motivation

The drive to perform activities for their own sake and personal rewards, rather than for external rewards.

Shaping

The learning process in which an agent initially reinforces any behavior that remotely resembles the desired response and subsequently requires increasing correspondence between the learner’s behavior and the desired response before providing reinforcement.

Condiments

Substances such as salt, mustard, or pickles that are used to add flavor to food.

Maternal Employment

The participation of mothers in the workforce and its effects on family life, child development, and other aspects.