On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and signed a 9 month promissory note. What entry should Knight's Stop record on 7/1? (Select ALL that apply) O Credit Accounts Payable for $35,000 O Debit Cash for $35,000 O Credit Long-term Notes Payable for $35,000 O Credit Short-term Notes Payable for $35,000 O Debit Accounts Payable for $35,000 O Credit Cash for $35,000 O Debit Short-term Notes Payable for $35,000 O Debit Long-term Notes Payable for $35.000

On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and signed a 9 month promissory note. What entry should Knight's Stop record on 7/1? (Select ALL that apply) O Credit Accounts Payable for $35,000 O Debit Cash for $35,000 O Credit Long-term Notes Payable for $35,000 O Credit Short-term Notes Payable for $35,000 O Debit Accounts Payable for $35,000 O Credit Cash for $35,000 O Debit Short-term Notes Payable for $35,000 O Debit Long-term Notes Payable for $35.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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