On January 1, 2024, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,

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On January 1, 2024, a business borrowed $18,000 on a five-year, 5% note payable.

At December 31, 2024, the business should record

a. interest payable of $900.

b. note receivable of $18,000.

c. cash payment of $18,000.

d. nothing. (The note is already on the books.)

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Horngrens Financial And Managerial Accounting The Managerial Chapters

ISBN: 9781292412337

7th Global Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

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