Employer FICA is a tax expense that is paid out by the employer and recorded as a payroll tax expense.

Select one:

a. True

b. False

The journal entry for accrued interest on a note payable by the borrower includes:

Select one:

a. a debit to Interest Payable and credit to Cash.

b. a debit to Interest Expense and credit to Cash.

c. a debit to Interest Expense and credit to Interest Payable.

d. a credit to Interest Expense and debit to Notes Payable.

Which of the following accounts will be credited by the borrower when a promissory note is issued?

Select one:

a. Note Receivable

b. Interest Payable

c. Cash

d. Note Payable