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The person that borrows money and signs a promissory note is called the payee.

A) True
B) False

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Fife Company has the following account balances at December 31 of the currentyear. Fife uses the aging of accounts receivable to estimate bad debts.The following aging schedule reflects the situation at year-end: Fife Company has the following account balances at December 31 of the currentyear. Fife uses the aging of accounts receivable to estimate bad debts.The following aging schedule reflects the situation at year-end:

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A 90-day note issued on July 10 matures on:


A) October 7.
B) October 8.
C) October 9.
D) October 10.
E) October 11.

F) A) and B)
G) C) and E)

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Outdoors Unlimited had net sales for YR 1 of $285,000 and $575,000 for YR 2.The year-end balances of accounts receivable were $49,000 for YR 1 and$85,000 for YR 2and describe any changes in the apparent liquidity of the company's receivables.

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YR 1 = 63 days; YR 2 = 54 days...

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Z-Mart had $12,000 in accounts receivable and $320,000 in net sales for the period. To one decimal, Z-Mart's days' sales uncollected was 13.7 days.

A) True
B) False

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Prepare general journal entries for the following transactions of LaurierCompany, who use the perpetual inventory system: Prepare general journal entries for the following transactions of LaurierCompany, who use the perpetual inventory system: Prepare general journal entries for the following transactions of LaurierCompany, who use the perpetual inventory system:

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The days' sales uncollected ratio measures a company's ability to manage its debt.

A) True
B) False

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The matching principle requires that accrued interest on outstanding accounts receivable be recorded at the end of an accounting period.

A) True
B) False

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The person who signs a note receivable and promises to pay is the:


A) Payee.
B) Receiver.
C) Owner.
D) Maker.
E) Holder.

F) A) and C)
G) B) and E)

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Stricker Company accepted a $10,000, 8%, 90-day note dated May 16, from Johnson Corp, for each of the following independent assumptions:(a)Note was held until maturity and collected on time.(b)Note was dishonoured

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Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured?


A) Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured? A) B) C) D) E)
B) Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured? A) B) C) D) E)
C) Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured? A) B) C) D) E)
D) Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured? A) B) C) D) E)
E) Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured? A) B) C) D) E)

F) A) and B)
G) A) and C)

Correct Answer

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