Uniform Supply Accepted a $4,800, 90-Day, 10% Note from Tracy

question 95

Multiple Choice

Uniform Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. If the note is dishonored, what entry should Uniform Supply make on January 15 of the next year, assuming interest was properly accrued at the previous December 31 year end?

• A)Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920.
• B)Debit Cash $4,920; credit Notes Receivable $4,920.
• C)Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20, credit Notes Receivable $4,800.
• D)Debit Cash $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800.
• E)Debit Accounts Receivable $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800.

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Definitions:

Delayed-alternation Task

A test used in neuropsychological research to assess short-term memory and the ability to switch attention between tasks.

Delayed-response Task

A test used in research to assess memory and cognitive function, requiring subjects to remember information after a time delay.

NMDA Receptors

A type of glutamate receptor in the brain that plays a key role in synaptic plasticity, memory, and learning.

AMPA Receptors

AMPA receptors are a type of glutamate receptor that mediates fast synaptic transmission in the brain, playing critical roles in brain function and plasticity.