Latimer Company Borrows $50,000 from the Bank and Signs a Note

question 158

Multiple Choice

Latimer Company borrows $50,000 from the bank and signs a note that is due in three months.How would the company record this payment?

• A)Debit Land for $50,000 and credit Notes Payable for $50,000.
• B)Debit Cash for $50,000 and credit Notes Payable for $50,000.
• C)Debit Notes Payable by $50,000 and credit Cash for $50,000.
• D)Debit Cash for $50,000 and credit Accounts Payable for $50,000.
• E)Debit Cash for $50,000 and credit Service Revenue for $50,000.

Understand the concept and applications of flexibility in manufacturing and service processes.

Appreciate the significance of specialized processes and their alignment with organizational goals.

Describe the concept and importance of process strategy in operations management.

Recognize the role and impact of technology advancements on customer interaction and operational efficiency.

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Definitions:

Key Performance Indicator

An assessable figure indicating how well an organization is accomplishing its main objectives.

Risk Mitigation

The process of planning and implementing measures to reduce vulnerability to risks and their impact on a project, business, or operation.

Service Quality

The comparison of perceived expectations with actual service performance, typically used in evaluating customer satisfaction in service industries.

Key Performance Indicator

A measurable value that demonstrates how effectively a company or individual is achieving key business objectives or targets.