A business repays the amount borrowed on a note payable by cash. Which of the following accounts will be debited?
A)Cash
B)Bank
C)Notes Payable
D)Notes Receivable

Name: A business repays the amount borrowed on a note payable by cash. Which of the following accounts will be debited? A)Cash B)Bank C)Notes Payable D)Notes Receivable
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Question

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When a business repays a note payable, the Notes Payable account is debited to decrease the liability, reflecting the repayment.

A Business Repays the Amount Borrowed on a Note Payable