Salida Company paid a note payable of $10,000 (interest had previously been paid).This transaction should be recorded as follows on the payment date.

Name: Salida Company paid a note payable of $10,000 (interest had previously been paid).This transaction should be recorded as follows on the payment date.
Brand: Quizplus
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Question

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The payment of a note payable involves debiting the note payable account to decrease the liability and crediting the cash account to reflect the outflow of cash.

Salida Company Paid a Note Payable of $10,000 (Interest Had