If Your Customer Does Not Pay the Note at Maturity,the

question 53

Multiple Choice

If your customer does not pay the note at maturity,the journal entry on your books would be:

• A)debit Notes Payable and credit Accounts Payable.
• B)debit Accounts Payable,credit Interest Income and credit Notes Payable.
• C)debit Accounts Receivable,credit Interest Income and credit Notes Receivable.
• D)debit Notes Receivable,credit Interest Income,and credit Accounts Receivable.

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Definitions:

Strong Generalization

A statement about all members of a group or category that is made on the basis of evidence for some members, assuming it applies universally with little to no exceptions.

Single Instance

A reference to an argument or conclusion drawn from one example or case, which may not be sufficiently representative.

Representative

An individual who acts on behalf of others, typically in a legislative or formal setting, or a sample that accurately reflects the characteristics of a larger group.

Induction

A method of reasoning that moves from specific instances to form general conclusions or theories.