On March 1,2018,Lewis Services Issued a 6% Long-Term Notes Payable $$\begin{array} { | c | r | r | } \hline \text { Long-Term Notes Payable } & 6000 & \\\hline \text { Cash } & & 6000 \\\hline\end{array}$$

question 37

Multiple Choice

On March 1,2018,Lewis Services issued a 6% long-term notes payable for $18,000.It is payable over a 3-year term in $6000 principal installments on March 1 of each year,beginning March 1,2019.Which of the following entries needs to be made on March 1,2018?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Long-Term Notes Payable } & 6000 & \\
• \hline \text { Cash } & & 6000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Current Portion of Long-Term Notes Payable } & 18,000 & \\
• \hline \text { Long-Term Notes Payable } & & 18,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Long-Term Notes Payable } & 18,000 & \\
• \hline \text { Accounts Payable } & & 18,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 18,000 & \\
• \hline \text { Long-Term Notes Payable } & & 18,000 \\
• \hline
• \end{array}\]

Solve problems involving the proportional mixing of substances to achieve a desired concentration or composition.

Understand the provisions of the Uniform Commercial Code (UCC) related to the sales of goods.

Explain the concept and implications of express and implied warranties under the UCC.

Identify the conditions under which buyers and sellers have the right to reject, revoke acceptance, or demand performance of contracts.

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Definitions:

Leadership Style

The approach or manner in which a leader directs, motivates, and manages their team or organization.

Leadership Substitutes

Factors in the workplace that reduce the need for a leader's direct involvement in guiding subordinates, such as advanced technology, rigid routines, or highly skilled employees.

Team-Based Structures

Organizational designs that prioritize teamwork and collaboration by forming groups or teams tasked with specific projects or objectives.

Transformational Leadership

A leadership style where leaders inspire and motivate followers to exceed their own interests for the good of the organization and to achieve higher levels of performance.