Use this information to answer the following question. The transactions below pertain to Broyer Company,whose fiscal year ends September 30.
Sept. 10 Received cash for a 90-day, 12 percent, $ \$ 25,000 $ note payable. Interest is in adclition to the face value.
30 Made end-of-year adjusting entry to accrue interest expense.
The entry to record the September 10 transaction (amounts rounded)is:

Question

Use this information to answer the following question. The transactions below pertain to Broyer Company,whose fiscal year ends September 30.
Sept. 10 Received cash for a 90-day, 12 percent, $ \$ 25,000 $ note payable. Interest is in adclition to the face value.
30 Made end-of-year adjusting entry to accrue interest expense.
 The entry to record the September 10 transaction (amounts rounded)is:

Quizplus · Accepted Answer

The company received cash for a note payable, so the entry should record the full amount of the note as both cash received and a liability (notes payable).

Use This Information to Answer the Following Question $25,000 \$ 25,000 $25,000

Use This Information to Answer the Following Question $\$ 25,000$