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 Notes Payable $250,000; credit Cash $250,000.
B. Debit Cash $287,258; credit Interest Payable $37,258; credit Notes Payable $250,000.
C. Debit Cash $250,000; debit Interest Expense $37,258; credit Notes Payable $287,258.
D. Debit Cash $37,258; credit Notes Payable $37,258.
E. Debit Cash $250,000; credit Notes Payable $250,000.
Answer: E
You might also like to view...
As you explain and justify your request, you should try to point out how complying with the request could benefit the reader
Indicate whether the statement is true or false.
A) By how much can the amount of space decrease before there is a change in the profit?
b) By how much can the amount of space decrease before there is a change in the product mix? c) By how much can the amount of time available to set up the display can increase before the solution (product mix) would change? d) What is the lowest value for the amount of time available to set up the display increase before the solution (product mix) would change?
________ forecasting methods are primarily subjective and rely on human judgment
A) Qualitative B) Time-series C) Causal D) Simulation
Identify the methods of service design that can increase service efficiency and limit customer interaction
What will be an ideal response?