On the First Day of the Fiscal Year, Hawthorne Company

question 53

Multiple Choice

On the first day of the fiscal year, Hawthorne Company obtained a $ 88,000, seven-year, 5% installment note from Sea Side Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to make the first annual payment due on the note would include:

• A) a debit to Cash of $15,208
• B) a credit to Notes Payable for $10,808
• C) a debit to Interest Expense for $4,400
• D) a debit to Notes Payable for $15,208

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Definitions:

Official Crime Statistics

Data collected and published by governmental agencies or law enforcement institutions regarding incidences of crime in a particular jurisdiction.

Youth And Crime

A term that encapsulates the study and discussion concerning the involvement of young individuals in criminal behavior and the criminal justice system.

Property Crimes

Crimes involving the theft of property or belongings without direct harm to the victim, such as burglary, larceny, and vandalism.

Pilfering

A form of theft involving the stealing of items of little value, often in the context of an employee taking from their employer.