Genuine Parts Received a Promissory Note from a Customer on March

question 183

Multiple Choice

Genuine Parts received a promissory note from a customer on March 1,2017.The face amount of the note is $8,000;the terms are 90 days and 9% interest.At the maturity date,the customer pays the amount due for the note and interest.What entry is required on the books of Genuine Parts on the maturity date assuming none of the interest had already been recognized?

• A)Increase Cash,$8,000;and decrease Notes Receivable,$8,000
• B)Increase Cash,$8,180;increase Interest Revenue,$180;and decrease Notes Receivable,$8,000
• C)Increase Cash,$8,720;decrease Notes Receivable,$8,000;and increase Interest Revenue,$720
• D)No entry required;the customer pays amount due to the bank

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Definitions:

Sexually Exploited/Abused

involves taking advantage of someone in a sexual manner without consent, often involving power imbalance, manipulation, or coercion.

Invincibility Fable

A cognitive bias often observed in adolescents who believe they cannot be harmed by risky behaviors.

Deductive Reasoning

A reasoning method where a conclusion is drawn from the agreement of several premises, which are typically believed to be true.

Personal Fable

An aspect of adolescent egocentrism characterized by an adolescent’s belief that their thoughts, feelings, and experiences are unique, more wonderful, or more awful than anyone else’s.