On August 1, Kim Company Accepted a 90-Day Note Receivable

question 125

Multiple Choice

On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a

• A) credit to Notes Receivable for $20,300
• B) debit to Interest Receivable for $300
• C) credit to Interest Revenue for $300
• D) debit to Notes Receivable for $20,000

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Definitions:

Independent Assortment

A basic principle of genetics developed by Mendel stating that genes for different traits are sorted separately from one another so the inheritance of one trait is not dependent on the inheritance of another.

Crossing Over

Process by which homologous chromosomes exchange corresponding segments of DNA during prophase I of meiosis.

Sexual Selection

A mode of natural selection where individuals with certain inherited traits are more likely to find a mate and reproduce, often leading to the evolution of traits that enhance mating success.

Attractive Mate

An individual selected based on traits perceived as desirable, enhancing reproductive success in natural and sexual selection.