Vast Company Signed a 180-Day Note, Dated March 1, for $4,500

question 26

Multiple Choice

Vast Company signed a 180-day note, dated March 1, for $4,500 that Rationale Bank discounted at 10 percent. Which of the following journal entries records the payment of the note to the bank at maturity for Vast Company?

• A) Debit Notes Payable by $4,275; credit Cash by $4,275
• B) Debit Notes Payable by $4,500; credit Cash by $4,500
• C) Debit Interest Expense by $225; credit Cash by $225
• D) Debit Notes Payable by $4,275, Interest Expense by $225; credit Cash by $4,500

Understand the basic concepts of metabolism including catabolism and anabolism.

Differentiate between mono-, di-, and polysaccharides based on their structure.

Understand the role of carbohydrates and how they are stored in the body.

Grasp the basic knowledge of enzymatic reactions and the role of enzymes as catalysts.

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Definitions:

FIFO Method

First In, First Out; an inventory valuation method where the first items purchased or produced are the first to be sold.

Goods Completed

Finished goods that have gone through the manufacturing process and are ready to be sold or distributed.

FIFO Method

An inventory valuation method that assumes the first items placed in inventory are the first sold, standing for "First In, First Out."

Cost Per Equivalent Unit

A measurement used in cost accounting to calculate the cost assigned to each unit produced, by considering the costs incurred at each stage of production.