Omega Company Granted an Extension on an Open Account by Accepting

question 10

Multiple Choice

Omega Company granted an extension on an open account by accepting a 90-day, 6 percent note for $3,000, dated July 25. To raise cash, it sold the note to a bank on August 25. The bank charged a discount rate of 7 percent. Assume a 360-day year. Which of the following is the entry to record the transaction on August 25 in Omega Company's general journal? Round off the calculations to two decimal places.

• A) No entry till maturity date
• B) Debit Cash by $2,975.07, Interest Expense by $24.96; credit Notes Receivable by $3,000
• C) Debit Cash by $3,004.15, Discount by $45; credit Notes Receivable by $3,000, Interest Income by $40.85
• D) Debit Cash by $3010.07; credit Interest Income by $10.07, Notes Receivable by $3,000

Understand the implications of different leadership styles on organizational behavior and team dynamics.

Recognize the role of self-concept, integrity, knowledge of the business, and emotional intelligence in leadership.

Understand the basis of path-goal theory in the expectancy theory of motivation and its applications.

Identify the main categories of leadership competencies and their significance.

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Definitions:

Time-Space Bias

The influence of communication technologies on the perception and organization of time and space, emphasizing how these technologies shape societal structures and cultural practices.

Time Biased Media

Media that have a long-lasting presence or influence, emphasizing stability and tradition over rapid changes.

Space Biased Media

Media technologies that emphasize the dissemination of information over long distances, facilitating broad communication rather than depth or localized context.

Number Of Hours

A measurement of time, typically used to quantify the duration of activities, work, or events.