A Promissory Note Is Executed in June

question 102

Multiple Choice

A promissory note is executed in June.When the note is paid the following January,the payee's entry includes (assuming a calendar-year accounting period and no reversing entries) a

• A)debit to Interest Income.
• B)credit to Cash.
• C)credit to Interest Receivable.
• D)debit to Notes Receivable.

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Definitions:

Individual Freedoms

The rights and liberties that can be claimed by individuals by virtue of being human; often include freedom of speech, religion, and the press.

Dred Scott v. Sandford

A landmark Supreme Court case in 1857 which held that African Americans, whether enslaved or free, could not be American citizens and therefore had no standing to sue in federal court.

Supreme Court Decision

A ruling made by the Supreme Court, the highest judicial body in a country, often setting a legal precedent.