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3 years ago

Cory issued a note to his creditor in exchange for an account. Cory records the transaction by debiting

2 answers:

Taya2010 [7]3 years ago

3 0

The answer is D. a debit to accounts payable and a credit to notes payable. This is because Cory issued a note to his creditor as a promise that he will pay the creditor. With this, he will be gaining a Notes Payable, or a promissory note stating that he will pay, and will be losing an Accounts Payable. So according to the rules of accounting, if a liability is debited, then it will be lessened from the books of the business. If a liability is credited, however, then it will be added to the records of the business.

LiRa [457]3 years ago

3 0

The correct answer is letter C. Accounts Payable and Crediting Notes Payable.

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<h3>What is an insurance settlement?</h3>

An insurance settlement is an indemnity or compensation that the insurance company pays to the insured to settle an insurance claim according to the insurance policy guidelines.

<h3>Data and Calculations:</h3>

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2 years ago

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