Uniform Supply Accepted a $4,800,90-Day,10% Note from Tracy Janitorial on October

question 27

Multiple Choice

Uniform Supply accepted a $4,800,90-day,10% note from Tracy Janitorial on October 17.What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.) (Use 360 days a year.)

• A)Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920.
• B)Debit Cash $4,920; credit Notes Receivable $4,920.
• C)Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20; credit Notes Receivable $4,800.
• D)Debit Cash $4,920; credit Interest Revenue $20; credit Interest Receivable $100; credit Notes Receivable $4,800.
• E)Debit Cash $4,920; credit Interest Revenue $120; credit Notes Receivable $4,800.

Understand the legal implications of actions in tort law.

Differentiate between the various types of intentional torts.

Understand the process and components of communication including encoding and decoding.

Recognize nonverbal communication methods and their impact on the communication process.

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Definitions:

Involuntary

Occurring without the individual's consent or control, often referring to actions or responses not dictated by an individual's conscious choices.

Bankruptcy Abuse Prevention

A set of laws or measures designed to prevent individuals or entities from wrongfully or fraudulently declaring bankruptcy to avoid debt obligations.

Consumer Protection Act

Legislation designed to safeguard the rights of consumers, ensuring they are protected against unfair trade practices and have access to information regarding goods and services.

Bankruptcy Law

The body of laws that govern the legal process for the resolution of financial distress of individuals and businesses under various chapters of the Bankruptcy Code.