A doctor who stays late to get her work done on time
Answer:
B) Cash A/c Dr $18,000
To Long-Term Notes Payable $18,000
Explanation:
Since we have to pass the journal entry for the beginning year, so we have to record the issued amount also,
The journal entry is shown below:
Cash A/c Dr $18,000
To Long-Term Notes Payable $18,000
(Being long term notes payable)
The principal installment amount should not be considered in the recording of the journal entry. Hence, it is ignored.
Answer: The correct answer is Choice A.
Explanation: The term inflation is used to describe a situation in what the overall level of prices in the economy is increasing.
The measure of inflation is the Inflation Rate. This is the annualized percentage change in a general price index (usually the consumer price index) over time.
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