Ace Electronics accepted a promissory note from Fenstermaker,who promised to pay Ace $2,000 plus 6% interest at the end of six months.When Fenstermaker first gives Ace the note,Fenstermaker should record ________.

Question

Quizplus · Accepted Answer

Fenstermaker, the issuer of the note, should record a note payable for the principal amount of $2,000 at the time the note is given, as interest will be calculated over the period of the note.

Ace Electronics Accepted a Promissory Note from Fenstermaker,who Promised to Pay