On November 1, Alan Company Signed a 120-Day, 8% Note

question 15

Multiple Choice

On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. Alan made the appropriate year-end accrual on December 31. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made?

• A)Debit Notes Payable $9,000; debit Interest Payable $120; credit Cash $9,120.
• B)Debit Cash $9,240; credit Notes Payable $9,240.
• C)Debit Notes Payable $9,240; credit Interest Payable $120; credit Interest Expense $120; credit Cash $9,000.
• D)Debit Notes Payable $9,000; debit Interest Payable $120; debit Interest Expense $120; credit Cash $9,240.
• E)Debit Notes Payable $9,000; debit Interest Expense $240; credit Cash $9,240.

Apply knowledge of slopes to determine relationships between variables expressed through graphical representations.

Understand the concept of slope in different contexts.

Understand the concept of strategic competitiveness and the importance of adaptability for survival and prosperity.

Identify leadership responsibilities and roles within the innovation process.

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Definitions:

Develop Morality

The process through which individuals learn and internalize societal norms and values concerning right and wrong behavior.

Exposure to Diversity

The experience of coming into contact with and learning about people from a wide range of different backgrounds, cultures, and perspectives.

Scaffolding

Temporary support that is tailored to a learner’s needs and abilities, and aimed at helping the learner master the next task in a given learning process.