On January 1, Ajax Corp
accepted a one-year note for $55,000 at 7% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company recorded the dishonor. The amount of the debit recorded on December 31 is ________.
A) $51,150
B) $3,850
C) $55,000
D) $58,850
D .$55,000 x 7% = $3,850
Total amount = $55,000 + $3,850 = $58,850.
Business
You might also like to view...
How does the eclectic theory explain the concept of FDI? How can a host country offer incentives to attract FDI?
What will be an ideal response?
Business
Using a payroll system as an example, paychecks and W-2 forms are examples of which of the following system elements?
A) outputs B) inputs C) storage D) memory
Business