Review Game Zone
Games
Test
Preview
Back
Match it!
Match it! Select the correct answer from the pull down...Good luck!
The original amount of a note is called the
False
principal
5%
True
False
September 20
loan document
True
The accrual for federal income tax is recorded as an adjusting entry by debiting Federal Income Tax Payable and crediting Federal Income Tax Expense.
False
principal
5%
True
False
September 20
loan document
True
If the principal of a 90-day note is $4,000 and the interest due at maturity is $100, the interest rate on the note is
False
principal
5%
True
False
September 20
loan document
True
A written & signed promise to pay a sum of money at a specified time is called a
False
principal
5%
True
False
September 20
loan document
True
Wilson, Inc. initially records supplies as an expense; therefore, it should record a reversing entry for supplies.
False
principal
5%
True
False
September 20
loan document
True
The beginning balance of Supplies is $15,000, and the adjusting entry to record the supplies used is $10,000. The amount of supplies used during the fiscal period is $5,000.
False
principal
5%
True
False
September 20
loan document
True
If the term of a note is 6 months and the note is dated March 20, it is due
False
principal
5%
True
False
September 20
loan document
True
When a note payable is repaid, the amount of cash paid equals the maturity value of the note.
False
principal
5%
True
False
September 20
loan document
True
Check it!