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kakasveta [241]
3 years ago
11

Bingo Corp. signed a promissory note of $1,000 for one of its vendors in exchange for supplies. $100 cash payment is due upon si

gning the note and the term is that the balance and interest are due in 90 days at 12% (assume 360 days). Which of the following would be a journal entry to record the note for Bingo Corp.?
A. Debit accounts payable $1,000; credit cash $100 and credit notes payable $900
B. Debit accounts receivable $1,000; credit cash $100 and credit notes receivable $900
C. Debit supplies $1,000; credit cash $100 and credit notes payable $900
D. None of these
Business
1 answer:
otez555 [7]3 years ago
3 0

Answer:

The answer is: C) Debit supplies $1,000; credit cash $100 and credit notes payable $900

Explanation:

When assets increase, they are debited - so Supplies account should be debited.

  • Dr Supplies 1,000

When assets decrease, they are credited - so Cash account should be credited.

  • Cr Cash 100  

When liabilities increase, they are credited - so Notes Payable should be credited.

  • Cr Notes Payable 900
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