Adv. Accounting - Ch. 9 Review: Question Preview (ID: 13146)

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Wilson Company signs a 180-day, 10% note for $7,000. The source document for this transaction is a receipt.
a) True b) False c) d)
On Dec. 31, Wilson Co. owes 20 days worth of accrued interest on a $4,000 note payable at 9% interest. The adjusting entry includes a debit to Interest Payable for $20.
a) True b) False c) d)
The payment of a note payable is recorded in the cash payments journal.
a) True b) False c) d)
Accrued salary expense occurs when employees earn a salary in the current fiscal period that is not paid until the next fiscal period.
a) True b) False c) d)
Prepaid expenses are expenses until they are actually used.
a) True b) False c) d)
If an employer records an entry for accrued salaries, it will also record an entry for accrued employer payroll taxes expense.
a) True b) False c) d)
The original amount of the note is called the
a) interest of a note b) maturity value of a note c) original value of a note d) principal of a note
For a company whose fiscal year ends on Dec., 31, the date of reversing entries is typically
a) Dec. 31 b) Jan. 1 c) d)
The day a note is issued is called the
a) date of a note b) interest date of a note c) maturity date of a note d) principal of a note
The amount that is due on the maturity date of a note is called the
a) amount due b) interest c) maturity value d) principal
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