Multiple Choice Question 90 The interest charged on a $77000 note payable, at th
ID: 2404016 • Letter: M
Question
Multiple Choice Question 90
The interest charged on a $77000 note payable, at the rate of 6%, on a 60-day note would be (Use 360 days for calculation.)
$770.
$2310.
$4620.
$1155.
Multiple Choice Question 107
A cash register tape shows cash sales of $2010 and sales taxes of $130. The journal entry to record this information is
Multiple Choice Question 123
The following totals for the month of March were taken from the payroll records of Blossom Company.
The entry to record the payment of net payroll would include a
debit to Salaries and Wages Payable for $201055.
debit to Salaries and Wages Expense for $201055.
debit to Salaries and Wages Payable for $219505.
credit to Cash for $201055.
Multiple Choice Question 124
The following totals for the month of March were taken from the payroll records of Wildhorse Co.
The entry to record accrual of employer’s payroll taxes would include a
debit to Payroll Tax Expense for $103435
debit to FICA Taxes Payable for $22305.
debit to Payroll Tax Expense for $39235
credit to Payroll Tax Expense for $39235.
$770.
Explanation / Answer
Q90 Face Value of Note Payable 77000 Rate 6% Days 60 Interest: 77000*6%*60/360 770 Answer is $770/- Q107 Journal Entry will be: Cash Account Dr. 2140 To Sales Revenue 2010 To Sales Tax Payable 130 Answer is B Please Raise Seprate Q for Balance Problems
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