Question
On June 1, the company issues a $75,000, non-interest bearing note to Local Bank. The present value of the note is $71,000. The journal entry
On June 1, the company issues a $75,000, non-interest bearing note to Local Bank. The present value of the note is $71,000. The journal entry to record the note would include a
a. Credit to cash for $75,000
b. Debit to cash for $75,000
c. Credit to notes payable for $71,000
d. Debit to notes payable for $75,000
e. Credit to notes payable for $75,000
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
17th Edition
1119613698, 978-1119613695
