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44. The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's

A) maturity value.

B) market value.

C) face value.

D) cash realizable value.

45. Admire County Bank agrees to lend Givens Brick Company $200,000 on January 1. Givens Brick Company signs a $200,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30?

A) Interest Expense 8,000

Interest Payable 8,000

B) Interest Expense 8,000

Cash 8,000

C) Interest Payable 8,000

Cash 8,000

D)

Interest Payable 8,000

Interest Expense 8,000

49. Advances from customers are classified as a(n)

A) revenue.

B) expense.

C) current asset.

D) current liability.

23. Which one of the following items is not considered a part of the cost of a truck purchased for business use?

A) Sales tax

B) Truck license

C) Freight charges

D) Cost of lettering on side of truck

1 Answer

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  • Marc
    Lv 7
    8 years ago
    Favorite Answer

    44. The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's

    C) face value.

    45. Admire County Bank agrees to lend Givens Brick Company $200,000 on January 1. Givens Brick Company signs a $200,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30?

    A) Interest Expense 8,000

    Interest Payable 8,000

    49. Advances from customers are classified as a(n)

    D) current liability.

    23. Which one of the following items is not considered a part of the cost of a truck purchased for business use?

    B) Truck license

    Source(s): 35 years of accounting experience
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