MGMT 200 Final Exam 156 Questions and Answers 2024
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MGMT 200 Final Exam 156 Questions and Answers 2023 Mgmt 200 Final Exam/156 Questions and Answers. Woodcrest, Inc. borrowed $50,000 from a local bank and signed a promissory note. What entry should Woo... dcrest record? A. Debit Cash, $50,000; Credit Notes Receivable, $50,000. B. Debit Notes Receivable, $50,000; Credit Cash, $50,000. C. Debit Cash, $50,000; Credit Notes Payable, $50,000. D. Debit Notes Payable, $50,000; Credit Cash, $50,000. - Correct Answer -C True or False: We record interest expense in the period in which we pay it, rather than in the period we incur it - Correct Answer -False, Interest expense is recorded in the period incurred, not in the period in which we pay it. On November 1, 2018, Knomark, Inc. signed a $100,000, 6%, six‐month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. Knomark should report interest payable at December 31, 2018, in the amount of A. $0. B. [Show More]
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