56) A company borrows $5,000 on November 1, 2008, giving a 10%, 180-day note payable. The adjusting entry on December 31, 2008, would include a:
A) credit to interest payable for $82.19
B) credit to interest payable for $123.29
C) debit to interest expense for $246.58
D) credit to cash for $82.19
57) A company borrows $15,000 on November 1, 2008, giving a 6%, 90-day note payable. The adjusting entry on December 31, 2008, would include a:
A) credit to interest payable for $73.97
B) credit to interest payable for $147.95
C) debit to interest expense for $221.92
D) credit to cash for $147.95
58) A company gives a $100,000, 120-day note at the bank at 9%. How much will the company pay the bank at maturity?
59) A company gives a $40,000, six-month note at the bank at 8%. How much will the company pay the bank at maturity?
60) A company gives a $50,000, 60-day note at the bank at 7%. How much will the company pay the bank at maturity?
61) Failure to record accrued interest on a note payable causes a company to:
A) overstate interest income
B) understate interest expense
C) understate retained earnings
D) overstate interest expense and understate retained earnings
62) Short-term notes payable:
A) are an unusual form of financing
B) are generally due within one year
C) are classified on the balance sheet as non-current
D) are shown on the balance sheet as a reduction to notes receivable
63) The entry to accrue interest on a note payable would include a:
A) debit to note payable
B) credit to interest receivable
C) credit to interest revenue
D) debit to interest expense
Bentley Enterprises purchased $8,000 of inventory by issuing a six-month, 7.5% note payable on November 1, 2008. Bentley has a December 31 year end.
64) Referring to Table 11-3, the amount of accrued interest on December 31, 2008, would be:
65) Refer to Table 11-3. The entry on May 1, 2009, to pay the note payable and interest would include a:
A) debit to interest expense of $300.00
B) debit to interest payable of $100.00
C) credit to interest payable of $200.00
D) credit to cash of $8,000.00
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