Giorgio Italian Market Bought $4,000 Worth of Merchandise from Food

question 69

Multiple Choice

Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day,6% promissory note for the $4,000.Food Supplier's journal entry to record the collection on the maturity date is:

• A)Debit Cash $4,060;credit Notes Receivable $4,060
• B)Debit Notes Receivable $4,000;credit Cash $4,000
• C)Debit Cash $4,000;debit Interest Receivable $60;credit Sales $4,000
• D)Debit Notes Receivable $4,060;credit Sales $4,060
• E)Debit Cash $4,060;credit Interest Revenue $60;credit Notes Receivable $4,000

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Definitions:

Completely

An adverb indicating something has been done in a whole, full, or total manner, without omission.

Abram Maslow

A psychologist famous for formulating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into five sequential levels from basic physical requirements to the need for self-actualization.

Clinical Research

A branch of healthcare science that determines the safety and effectiveness of medications, devices, diagnostic products, and treatment regimens intended for human use.