Lambchop Company purchased supplies for $14,000 on credit on January 1, 2019. On January 15, the company made a cash payment of $4,000 to the supplier and signed a one-year note for the remaining amount to settle the account.
Lambchop Company's journal entry on January 15 will include:
A) Debit Notes Payable for $10,000
B) Credit Accounts Payable for $10,000
C) Credit Notes Payable for $10,000
D) Debit Cash for $10,000
Correct Answer:
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