The journal entry a company uses to record the payment of an ordinary note is
A) debit Cash; credit Notes Payable
B) debit Accounts Payable; credit Cash
C) debit Notes Payable and Interest Expense; credit Cash
D) debit Notes Payable and Interest Receivable; credit Cash
C
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Both U.S. GAAP and international financial reporting standards (IFRS) require the use of the lower-of-cost-or-market rule to value inventories
a. True b. False Indicate whether the statement is true or false
If actual overhead exceeds applied overhead, factory overhead is said to be ____________________
Fill in the blank(s) with correct word
If a company has noncumulative preferred stock, basic earnings per share is equal to net income less preferred dividends declared divided by the number of weighted average common shares outstanding.
Answer the following statement true (T) or false (F)
Forecasts are almost always wrong
Indicate whether the statement is true or false.