49.Which of the following statements is not correct?   

A. The entry to record the issuance of a promissory note includes a credit to Interest Payable for the amount of interest that will accrue on the note until it is paid at maturity.

B. The Notes Payable account is always debited or credited for the face value of a note.

C. The entry to record the issuance of a promissory note includes a credit to the Notes Payable account.

D. The entry to credit the payment of a note payable includes a debit to the Notes Payable account.

50.A firm purchased equipment for $6,000 on credit and issued a 120-day note bearing interest at 9 percent a year as evidence of the debt. To record this transaction, the accountant would debit   

A. Equipment for $6,000 and credit Notes Payable for $6,000.

B. Equipment for $6,180, credit Interest Expense for $180, and credit Notes Payable for $6,000.

C. Equipment for $6,000, debit Interest Expense for $180, and credit Notes Payable for $6,180.

D. Equipment for $6,000 and credit Accounts Payable for $6,000.

51.A firm purchased equipment for $12,000 on credit and issued a 120-day note bearing interest at 9 percent a year as evidence of the debt. To record this transaction, the accountant would debit   

A. Equipment for $12,000 and credit Accounts Payable for $12,000.

B. Equipment for $12,000 and credit Notes Payable for $12,000.

C. Equipment for $12,360, credit Interest Expense for $360, and credit Notes Payable for $12,000.

D. Equipment for $12,000, debit Interest Expense for $360, and credit Notes Payable for $12,360.

52.When a company issues a promissory note, the accountant records an entry that includes a credit to Note Payable for the   

A. face value of the note.

B. face value of the note plus the interest that will accrue.

C. face value less the interest that will accrue.

D. maturity value of the note.

53.On March 1, a firm purchased equipment for $5,000, signing a 30-day note bearing interest at 12 percent a year. The entry to record the payment of the amount due on March 31 will include a debit to Notes Payable for   

A. $5,050 and a credit to Cash for $5,050.

B. $5,000 and a credit to Cash for $5,000.

C. $5,000, a debit to Interest Expense for $50, and a credit to Cash for $5,050.

D. $5,000, a debit to Interest Expense for $600, and a credit to Cash for $5,600.

54.On January 1, a firm purchased equipment for $10,000, signing a 30-day note bearing interest at 12 percent a year. The entry to record the payment of the amount due on January 31 will include a debit to Notes Payable for   

A. $10,000 and a credit to Cash for $10,000.

B. $10,100 and a credit to Cash for $10,100.

C. $10,000, a debit to Interest Expense for $1,200, and a credit to Cash for $11,200.

D. $10,000, a debit to Interest Expense for $100, and a credit to Cash for $10,100.

55.The maturity value of a 90-day note for $4,000 that bears interest at 10 percent a year is   

A. $4,400.

B. $4,100.

C. $4,000.

D. $3,900.

56.The maturity value of a 90-day note for $8,000 that bears interest at 10 percent a year is   

A. $7,800.

B. $8,000.

C. $8,200.

D. $8,800.

57.The maturity value of a 120-day note for $12,000 that bears interest at 8 percent a year is   

A. $12,000.

B. $11,680.

C. $12,320.

D. $12,960.

58.The maturity value of a 60-day note for $6,000 that bears interest at 6 percent a year is   

A. $6,060.

B. $6,600.

C. $6,000.

D. $5,940.

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