Brian Inc Borrowed $8,000 from First Bank and Signed a Promissory

question 41

Multiple Choice

Brian Inc. borrowed $8,000 from First Bank and signed a promissory note. What entry should Brian Inc. record?

• A) Debit Cash, $8,000; Credit Notes Receivable, $8,000.
• B) Debit Notes Receivable, $8,000; Credit Cash, $8,000.
• C) Debit Cash, $8,000; Credit Notes Payable, $8,000.
• D) Debit Notes Payable, $8,000; Credit Cash, $8,000.

Comprehend the importance of matching the product warranty expense with the period of sales.

Understand the journal entry recording for estimated product warranty liability expenses.

Apply the concept of contingent liabilities and how to account for and disclose them according to their likelihood and estimability.

Utilize interest calculations for notes payable and receivable to determine proceeds and payments.

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Definitions:

Conservation Biology

A multidisciplinary field that aims to protect and manage biodiversity and natural resources, focusing on conservation of species, habitats, and ecosystems.

Systematics

The branch of biology that deals with classification and naming of organisms.

Conservation Management

The practice of preserving, managing, and caring for natural resources and biodiversity.

Biodiversity

The variety and variability of life on Earth, encompassing the diversity of species, genetics, and ecosystems.