Use the Following Information to Answer the Questions
Your $\quad$

question 4

Multiple Choice

Use the following information to answer the Questions
Your fly fishing club is attempting to decide where to go for the next day trip. The choices are Alder River (A) , Boulder Pond (B) , or Collie Creek (C) . The preference rankings of the members are shown below. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Number of members }$

$\begin{array} { l c c c c } & 6 & 12 & 15 & 11 \\\text { First choice } & \mathrm { A } & \mathrm { C } & \mathrm { B } & \mathrm { A } \\\text { Second choice } & \mathrm { B } & \mathrm { B } & \mathrm { A } & \mathrm { C } \\\text { Third choice } & \mathrm { C } & \mathrm { A } & \mathrm { C } & \mathrm { B }\end{array}$
-Which location will be chosen if majority rule is used?

• A) Alder River
• B) Boulder Pond
• C) Collie Creek
• D) No winner can be chosen.

---

Definitions:

Collected

The process of receiving or bringing in payments or money owed to an individual or business.

Interest Payable

This is the amount of interest expense that has accrued but not yet been paid by the company.

Note Payable

A written agreement where one party promises to pay another party a certain amount of money at a future date or on demand.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate years.