On June 30, 2021, Maxwell Company sold merchandise to a customer and accepted a 9-month noninterest-bearing note in exchange. The note requires payment of $30,000 on March 31, 2022 The fair value of the merchandise exchanged is $28,200. The financing contract is significant. Prepare the JE for the sale of the merchandise 1 for the note exchanged Prepare the JE on December 31 for the 2 interest revenue Prepare the JE on March 31 for the interest revenue and the JE for 3 the final payment Show calculations for the effective interest rate for 4 the note 1 DATE ACCOUNT TITLES DEBIT

Bailee had a balance of $422.88 in a check register. The bank notified Bailee that Nicholas had insufficient funds to cover his check that Bailee deposited. The bank indicated that Bailee's bank balance was being reduced. Bailee felt that this was unfair since she never "bounces" her own checks. Is she justified? Please explain.

Gary writes a check drawn on Hill Bank for $400 “payable to Ian” on May 1. Gary dies on May 3. Ian presents the check to the bank on May 5. Unaware of Gary’s death, the bank

What is the name of the clause that permits the lender to declare the entire unpaid balance immediately due and payable upon default? O The defeasance clause O The acceleration clause O The alienation clause • The lis pedens

Two days after closing, The seller gives a $500 bonus to the selling agent. The agent should:   a) immediately deposit check into his account b) instruct the seller to issue the check to agents broker c) cash the check and give the broker his share of the bonus d) instruct seller that bonuses are illegal

In the following quote: "The BFOQ standard adopted in the statute is one of“ reasonable necessity, ”not reasonableness." What is the distinction between "reasonable necessity" and "reasonableness?"

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X, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.

Joe took out a loan to purchase a new house. In return, Joe's lender placed a lien on the property. Is this legal? O No. Only Joe can place a lien his property. O No. A lender is never allowed to place a lien on a property as long as the borrower is up-to-date ontheir payments. О Yes. This is a voluntary mortgage lien that allows the lender to foreclose on the property if Joe defaults on the loan. O Yes. However, the lien is only valid for 12 months.

Josh has a health insurance policy with a $2,500 deductible, $5,000 out of pocket limit, and 80/20 coinsurance clause. He had total medical bills of $20,000 for the policy period. How much does the insurer have to pay? $5,000 $14,000 $6,000 $15,000