A bank loaned Atlas Company $10,000 on a 1-year,6% note,but deducted the interest in advance.The journal entry made by Atlas to record receipt of the cash would include a
A) an increase in Cash for $9,400
B) an increase in Cash for $600
C) a decrease in Notes Payable for $10,600
D) a decrease in Notes Payable for $9,400
Correct Answer:
Verified
Q1: Which of the following accounts is not
Q3: Speed Company has current assets of $150,000
Q19: If a company borrows money from its
Q43: If current assets amount to $150,total assets
Q43: Current liabilities are defined as those liabilities
Q50: If a company purchases $3,200 worth of
Q54: A company has $200 in cash,$500 in
Q56: Long-term assets are $800,current liabilities are $500,and
Q57: Assume the current ratio is 2 to
Q59: The landlord records the security deposit she
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents