On January 1, 2016, a business borrowed $10,000 on a five-year, 7% note payable. At December 31, 2016, the business should record: a) cash payment of $10,000 b) note receivable of $10,000 c) interest payable of $700 d) nothing (The note is already on the books)
On January 1, 2016, a business borrowed $10,000 on a five-year, 7% note payable. At December 31, 2016, the business should record: a) cash payment of $10,000 b) note receivable of $10,000 c) interest payable of $700 d) nothing (The note is already on the books)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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