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alina1380 [7]
3 years ago
7

The journal entry for an installment note payment includes all except:__________.

Business
1 answer:
soldi70 [24.7K]3 years ago
5 0

Answer: a. a credit to Accounts Payable.

Explanation:

When paying off a note, cash will be used so cash will have to be credited to show that it is decreasing.

Interest expense will be debited by the interest accumulated on the loan because expenses are debited when they increase.

Notes Payable will be debited to show that the note has now been retired.

There is no credit for Accounts payable involved in this transaction.

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Inside directors may be members of the firm and outside directors are supposed to be elected from outside the firm.

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Brad will graduate next year. When he begins working, he plans to deposit $6000 at the end of each year into a retirement accoun
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