Promissory note - Study guides, Class notes & Summaries

Purdue MGMT 200 Final Exam Questions and Answers Rated A+ Woodcrest, Inc. borrowed $50,000 from a local bank and signed a promissory note. What entry should Woodcrest record? Debit Cash, $50,000; Credit Notes Payable, $50,000. We record interest expense in the period in which we pay it, rather than in the period we incur it 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 not...

John is a student who has decided to create his own company to provide walking tours in his hometown of Thunder Bay. Some tourists book a tour, but because John has the flu, he does not show up. The tourists complain to TICO that their afternoon was ruined. Why is TICO unable to assist these consumers? a. a tour guide is considered to be an end supplier and is therefore exempt from registering with TICO b. John should have registered with TICO because he is providing a type of travel serv...

TEXAS REAL ESTATE NATIONAL EXAM QUESTIONS WITH VERIFIED SOLUTIONS/A+ GRADE 1. An assessment is a special type of appraisal used for A.) Property tax purposes. B.) Estate tax returns. C.) Divorce settlements. D.) Income tax returns. 2 A company who provided materials for an owner to remodel their property may give constructive notice of theirunpaid invoices by: A.) obtain a blanket lien B.) obtain a mechanic's or material man's lien C.) obtain a vendor's lien D.) obtain an inchoa...

Texas Promulgated Contracts-CHAMPIONS STUDY 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilatera...

A promissory note is: a. evidence of the debt b. evidence of a sale c. a security interest in the property for the lender d. the same as a mortgage or trust deed - ANSWERa. evidence of the debt In order to be considered an emancipated minor and have the capacity to contract, a minor must: a. be married, widowed, or divorced; have entered military service on active duty; or have received a declaration of emancipation from a court b. just state that he is an emancipated minor c....

Gold Coast Final Exam 2023 (Questions and Answers, 100% Correct) What is the form you sign that says you will pay the loan back ? promissory note What is the post licensing grace period after first expiration ? none Deposits is a form of... valuable consideration Physical land and improvements real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both Yes What is the maximum fine per offense ...

The receivable that is usually evidenced by a formal instrument of credit is a(n) correct answer: note receivable Interest is usually associated with correct answer: notes receivable Two methods of accounting for uncollectible accounts are the correct answer: Direct write off and Allowance method. To record estimated uncollectible accounts using the allowance method, the adjusting entry would be a correct answer: debit to bad Debts expense and a credit to Allowance for Doubtful Acco...

Law of contracts practice test Questions with complete solutions According to the TREC contracts, the title company (on behalf of the seller) will send what to the buyer within 20 days after they receive the signed contract? To make a contract valid, someone may need to contract through the power of attorney if they: In the event that the buyer cannot secure financing, a financing contingency allows: WHAT must be delivered to the seller or the seller's agent within three days after the...

Funeral Arts National Board Exam, Answered-Register of all the general ledger accounts - Will Show profits and losses of a business Difference between currents assets and liabilities. When current assets exceed liabilities - Working Capital Must include what three disclosures - Embalming, Cash Advance, & Legal Requirements Uniform commercial code has 4 different kinds of paper - Promissory Note, Draft, Checks and certificates of deposit What kind of law enacts statutory law - Adminis...

Real Estate U Texas Real Estate Finance(6) Exam Questions And Answers All verified By An Expert An acceleration clause is included in which of the following...? The mortgage Both the promissory note and mortgage The promissory note The lien - ANS The promissory note? Collateral - - ANS Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral. Promissory Note - - ANS Following a loan commitme...