On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the due date on an overdue accounts payable.What is the journal entry needed to record the transaction by Indigo Company?Multiple Choice28Debit Notes Payable $6,100; credit Accounts Payable $6,100.Debit Accounts Payable $6100; credit Notes Payable $6,10.Debit Accounts Recelvable $6,100; eredit Notes Payable $6,100.Debit Sales $6,100; credit Notes Payable $6,100.Debit Cash $6,100: credit Notes Payable $6,100.< Prey6 of 10Next>

For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the cue date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice Debit Notes Payable $6,100; credit Accounts Payable $6,100. Debit Accounts Peyable $6,100; credit Notes Payable $6,100. Debit Accounts Receiveble $6,100: eredit Notes Payuble S6,100. Debit Sales $6,100; credit Notes Payable $6,100. Debit Cash $6,100: credit Notes Payable S6,100.

On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the cue date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice Debit Notes Payable $6,100; credit Accounts Payable $6,100. Debit Accounts Peyable $6,100; credit Notes Payable $6,100. Debit Accounts Receiveble $6,100: eredit Notes Payuble S6,100. Debit Sales $6,100; credit Notes Payable $6,100. Debit Cash $6,100: credit Notes Payable S6,100.

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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