On April 12, Hong Company Agrees to Accept a 60-Day

question 43

Multiple Choice

On April 12, Hong Company agrees to accept a 60-day, 10%, $4,500 note from Indigo Company to extend the due date on an overdue account.
-What is the journal entry needed to record the transaction by Indigo Company?

• A) Debit Notes Payable $4,500; credit Accounts Payable $4,500.
• B) Debit Sales $4,500; credit Notes Payable $4,500.
• C) Debit Accounts Payable $4,500; credit Notes Payable $4,500.
• D) Debit Cash $4,500; credit Notes Payable $4,500.
• E) Debit Accounts Receivable $4,500; credit Notes Payable $4,500.

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Definitions:

Masturbation Frequency

The rate or interval at which an individual engages in self-stimulation of their genitals.

Perceived Pleasure

The subjective experience of enjoyment or satisfaction, particularly in the context of sexual activity.

Sexual Fantasy

Imaginary sexual thoughts or desires that can provide arousal, pleasure, or serve as a mechanism for coping with sexual repression or dissatisfaction.

Different Sexual Positions

Varied configurations or arrangements in which individuals engage during sexual intercourse or activities.