MiniCompany borrowed $6,000 by signing an 8% interest-bearing 45-day note payable in exchange for an overdue accounts payable.To record this transaction,MiniCompany should prepare a journal entry that includes a:
A) Credit to Accounts Payable for $6,000.
B) Credit to Notes Payable for $6,000.
C) Debit to Cash for $6,000.
D) Debit to Notes Payable for $6,000.
E) Debit to Cash for $6,300.
Correct Answer:
Verified
Q44: The current portion of long-term debt:
A) Refers
Q46: Accounts payable:
A) Have specific due dates.
B) Are
Q47: Which of the following is created by
Q48: Fees accepted in advance from a client:
A)
Q50: A short-term note payable
A)Is a written promise
Q50: Known liabilities:
A) Have definite due dates.
B) Are
Q51: Provincial sales tax payable:
A) Is an estimated
Q52: West Coast Outdoor Co.signed a $8,000,90-day,4% interest-bearing
Q53: Unearned revenue is initially recognized with a:
A)
Q54: Unearned revenues are:
A) Amounts received in advance
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