e. of these answers ar 2. On December 31, 2015, Peligrino Co. has a long term note payable of $800,000. Of that balance, $100,000 will be paid within one year from the balance sheet date. How much of the note payable should Peligrino Co. report as a long term liability when they prepare the December 31, 2015 balance sheet? a. $700,000 c. $900.000 b. $800,000 d. $1,000,000 e. Nothing. Disclose in a note to the financial statements . MiniCompany borrowed $6,000 by signing an 8% interest-bearing 45-day note payable in exchange for an overdue accounts payable. To record this transaction, MiniCompany should prepare a journal entry that includes a a. Credit to Accounts Payable for $6,000 b. Credit to Notes Payable for $6,000 c. Debit to Cash for $6,000 d. Debit to Notes Payable for $6,000 e. Debit to Cash for $6,300 7. When a corporation issues only one class of shares they are a. Special shares b. Preferred shares Common shares d. Private shares C. e. Public shares 8. Pam Corporation sold 10,000 common shares at $25 per share cash. The entry to record this transaction would include a. A debit to Contributed Capital for $250,000 b. A credit to Cash for $250,000 c. A credit to Common Shares for $250,000 d. A credit to Common Shares for $25,000. e. A debit to Common Shares for $250,000