Ross,immediately After Receiving a Note from a Customer,discounted It at the Bank

question 70

Multiple Choice

Ross,immediately after receiving a note from a customer,discounted it at the bank and received the proceeds.Ross's entry on his books would be to:

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

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Definitions:

Conditions

Specific circumstances or factors affecting the way in which people live or work, especially with regard to their well-being.

Soft Determinists

Philosophers who believe that while human behavior is influenced by external factors, individuals still possess the ability to make choices, blending determinism with free will.

Determinism

The belief in philosophy that every event, including decisions on moral issues, is fully predetermined by preceding causes.

Compatible

The ability of two or more concepts, systems, or devices to work together without conflict or incompatibility.