Notes Payable and Sales Tax Accounting

1. 170. The total interest charged on a 5%, $300,000 four-month bank loan payable would be
   

   1. A(a) $15,000.
   2. B(b) $ 5,000.
   3. C(c) $4,500.
   4. D(d) $1,250.
2. 271. Interest expense on a note payable, with interest due at maturity, is
   

   1. A(a) always equal to zero.
   2. B(b) accrued over the life of the note.
   3. C(c) only recorded at the time the note is issued.
   4. D(d) only recorded at maturity when the note is paid.
3. 377. GST (goods and services tax) collected by a retailer is recorded by
   

   1. A(a) crediting Sales Tax Revenue.
   2. B(b) debiting Sales Tax Expense.
   3. C(c) crediting Sales Tax Payable.
   4. D(d) debiting Sales Tax Payable.

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Quiz sobre Sem título, criado por Aeren Tempest em 18-03-2015.

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Aeren Tempest

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