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ID: B is the type of account and normal belance of Allowance for Doubtfual Accounts? Asset, credit b, Asset, debit e Contra asset, credit d. Contra asset, debit ine 8 Alton Co. issued an $90,000, 6% 120day note payable to Seller Co. Assuming a 360 day year for your calculations, what is the maturity value of the note? a. $90,000 b. $90,450 c. $91,800 $95,400 A business borrowed$40,000 on March l ofthe current yearby signing a 30-day, 9% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a a. debit to Interest Payable $300 b. credit to Cash for $43,600 c. credit to Cash for $40,000 d. debit to Interest Expense $300 26. 27. Which of the following are guidelines for behaving ethically? I. II. III. Identify the consequences of a decision and its effect on others. Consider your obligations and responsibilities to those affected by the decision Identify your decision based on personal standards of honesty and fairness. a. I and I11. b. Il and III. c. I and II d. I., II, and III. Which of the following is not a role of accounting in business? a. b. 28. to personally guarantee loans of the business to assess the various informational needs of users and design its accounting system to meet those needs to provide information to other users to determine the economic performance and condition of the business to provide reports to users about the economic activities and conditions of a business c. d. On October 1, Black Company receives a 6% interest bearing note from Reese Company to settle a S20 000 account receivable. The note is due in six months. At December 31, Black should record interest revenue c a. $0 29, $600 c. $1,200 d. $300

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