Select all that applyOn March 14, Ian Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of the note, Ali dishonors the note. The journal entry that Ian would record on the due date would include a:Multiple select question.debit to Accounts Receivable - Ali for $1,025.debit to Interest Revenue for $25.credit to Interest Revenue for $25.credit to Notes Receivable for $1,000.credit to Accounts Receivable - Ali for $1,000.debit to Notes Receivable for $1,025.

Select all that applyOn January 1, Franz Co. accepted a 30-day, 6% note in the amount of $5,000 from Bria Co., a customer. On January 31, the due date of the note, Bria honors the note and pays in full. The journal entry that Franz would make to record payment of this note would include a:Multiple select question.credit to Note Receivable for $5,025.debit to Interest Revenue for $25.credit to Note Receivable for $5,000.credit to Interest Revenue for $25.debit to Cash for $5,025.

Select all that applyOn November 1, Eli Co. received a $6,000, 60-day, 6% note from a customer as payment on his $6,000 overdue account. Eli's journal entry to record this transaction on November 1, would include a:Multiple select question.debit to Accounts Receivable for $6,060.credit to Accounts Receivable for $6,000.credit to Notes Receivable for $6,060.debit to Notes Receivable for $6,000.

Select all that applyOn November 1, Alice Co. accepted a 90-day, 6%, $2,000 note due January 30. On December 31, the appropriate adjusting entry was made. On January 30 of the next year, the note was honored and paid in full. The entry to record receipt of payment on January 30 would include a credit to:Multiple select question.Interest Revenue for $10.Notes Receivable for $2,000Interest Receivable for $20.Interest Revenue for $30.Cash for $2,030.Interest Revenue for $20.

Select all that applyThe following annual account balances are taken from ABC Co at year end.  Current Year 1 Year Ago Accounts Receivable$49,500$48,000Net Sales$580,000$535,000Days Sales Uncollected31.15 days32.74 days Select the statements below that are correct regarding ABC Co.'s ability to collect its receivables from customers.Multiple select question.ABC Co. took approximately 31 days to collect cash from its credit customers in the current year.ABC Co. has shortened the amount of time that money is tied up in receivables from 1 year ago.ABC Co. has shortened the amount of time it takes to collect receivables from customers from 1 year ago to the current year.ABC Co. has increased the amount of time it takes to collect receivables from customers from 1 year ago.

On March 14, Teal Co. accepted a 120-day, 6% note in the amount of $10,000 from AZC Co., a customer. On the due date of the note, AZC honors the note and pays in full. The journal entry that Teal would make to record payment of this note would include a credit to:Multiple choice question.Interest Receivable for $200.Cash for $10,000.Note Receivable for $10,200.Interest Revenue for $200.