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Gekata [30.6K]
3 years ago
13

On November 1, 2018, ABC Corp. borrowed $100,000 cash on a 1-year, 6% note payable that requires ABC to pay both principal and i

nterest on October 31, 2019. The journal entry on November 1, 2018 would include which of the following?
A. credit to Cash of $1,000B. credit to Interest Payable of $1,000C. credit to Note Payable of $1,000D. debit to Interest Expense of $6,000
Business
1 answer:
Anika [276]3 years ago
6 0

Answer:

C) credit to Note Payable of $1,000,000

Explanation:

The complete journal records for November 1, 2018 are:

  • Dr Cash account 100,000
  • Cr Notes Payable account 100,000

The company received $100,000  in cash. Since cash is an asset and it increased when the bonds were issued, it should be debited.

The company has to pay a note worth $100,000. Since notes payable is a liability and it increased when the bonds were issued, it should be credited.

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