On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What is the appropriate journal entry to record the issuance of the note?
A. Debit Cash $250,000; credit Notes Payable $250,000.
B. Debit Cash $37,258; credit Notes Payable $37,258.
C. Debit Cash $287,258; credit Interest Payable $37,258; credit Notes Payable $250,000.
D. Debit Notes Payable $250,000; credit Cash $250,000.
E. Debit Cash $250,000; debit Interest Expense $37,258; credit Notes Payable $287,258.
Answer: A
You might also like to view...
Dan was recently fired from his job after it was found out that he borrowed heavily from another coworker on his business proposal (without giving proper credit). Dan crossed the ethical boundary of
a. copying. b. plagiarism. c. stealing. d. none of the above
A structure of interrelated elements that enables management to plan, control, and evaluate performance is referred to as a _____________________________________________
Fill in the blank(s) with correct word
In the following sentence, the verb is in the ________ voice. A dozen falcons were released from three sites in Virginia
a. active b. passive
Which of the following makes it illegal for U.S. companies and citizens to bribe foreign officials to influence a governmental decision?
a. OSHA b. RICO c. CFAA d. FCPA