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Any help would be appreciated On November 1,2023 , Malcolm Corporation borrowed $4,000 by issuing a 3 -month, 5% note payable. The entry to record
Any help would be appreciated
On November 1,2023 , Malcolm Corporation borrowed $4,000 by issuing a 3 -month, 5% note payable. The entry to record payment of the note at maturity will include a. a credit to Cash for $4,050. b. a debit to Interest Expense for $50. c. a debit to Interest Expense for $33. d. a credit to Interest Payable for $17. The total interest on a $100,000,5%,6-month note payable is a. $5,000. b. $2,500. c. $1,250. d. $500. Which of the following statements is not true regarding current liabilities? a. Liabilities are classified as current if they are due within one year or one operating cycle, whichever is longer. b. Current liabilities are generally paid out of current assets. c. Accounts payable and sales taxes payable are examples of current liabilities. d. All of the statements are true regarding current liabilities. Clear my choice Step by Step Solution
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