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Alex
3 years ago
11

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

Business
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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