Examlex

Solved

On 1 March 2017,Vinnie Services Issued a 9% Long-Term Note

question 70

Multiple Choice

On 1 March 2017,Vinnie Services issued a 9% long-term note payable for $21,000.It is payable over a 3-year term in $7000 principal instalments on 1 March of each year,beginning 1 March 2018.Which of the following entries needs to be made at 1 March 2017?


Definitions:

Electricity Consumption

The amount of electric energy consumed by end users, reflecting the energy usage in homes, industry, and businesses for various purposes.

EPA Estimates

Estimates provided by the Environmental Protection Agency regarding factors such as fuel economy, emissions, and environmental impact of vehicles.

Overbook

The practice of selling or booking more of a service or product than is actually available, often used in the context of airlines and hotel reservations.

Hotel Chain

A company that administers, manages, and owns a number of hotels across different locations.

Related Questions