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Ch. 9 Receivables Part 3 Quiz
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Multiple Choice Questions
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The party promising to pay a note at maturity is the payee.
0%
True
0%
False
The journal entry to record a note received from a customer to apply on account is
0%
False
0%
debit Notes Receivable; credit Accounts Receivable
0%
dishonored
0%
maturity value
If the maker of a note fails to pay the debt on the due date, the note is said to be dishonored.
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True
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False
A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is
0%
False
0%
$10,200
0%
$9,000
0%
$300
The maturity value of a note receivable is always the same as its face value.
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True
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False
The amount of a promissory note is called the
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False
0%
maturity value
0%
face value
0%
dishonored
The amount of the promissory note plus the interest earned on the due date is called the
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dishonored
0%
maturity value
0%
face value
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True
A $6,000, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is
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debit Accounts Receivable, $6,120; credit Notes Receivable, $6,000; Credit Interest Revenue, $120
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$10,200
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debit Notes Receivable; credit Accounts Receivable
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$9,000
When a note is received from a customer on account, it is recorded by debiting Accounts Receivable and crediting Notes Receivable.
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True
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False
In computing the maturity date of a note, the date the note is issued is included but the due date is omitted.
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True
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False
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