Jasper makes a $43,000, 90-day, 9.0% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)

Debit Cash Account $43,967.5

Credit                   Interest Income     $967.5

Credit                   Notes Receivable $43,000

Explanation:

The reason is that when the note is collected, the cash is increased by the amount lend and the income accrued by the 3 months.

So the amount collected is

Cash collected = $43,000 Amount lend + Interest Income

And

Interest Income = Amount lend * Interest Percent * For the days / 360

= $43,000 * 9% * 90 / 360 = $967.5

Now putting the interest income value in the above equation, we have:

Cash collected = $43,000 Amount lend + $967.5 = $43,967.5

So the cash is increase by $43,967.5, interest income increased is by $967.5 and the Note receivable is at amount issued which has been decreased by $43,000.

So the entry would be:

Debit Cash Account $43,967.5

Credit                   Interest Income     $967.5

Credit                   Notes Receivable $43,000

the answer is: c.that person might be arrested and deported

filling w-4 form incorrectly usually would rise suspicions from government's auditors. when they notice such mistakes, they would send their teams to investigate the situation further.

if those investigation teams believe that the incorrectness is done on purpose (with malicious intent), that person can be arrested or deported

answer; organizational;