Question
Parker Company borrowed $75,000 from First Citizens Bank and signed a 5-year, 4% note on May 2, 2020. The principal and interest are due at
Parker Company borrowed $75,000 from First Citizens Bank and signed a 5-year, 4% note on May 2, 2020. The principal and interest are due at maturity. What entry should Parker Company record on May 2, 2020?
Group of answer choices
Debit Notes Receivable, $75,000; Credit Cash, $75,000.
Debit Notes Payable, $75,000; Credit Cash, $75,000.
Debit Cash, $75,000; Credit Notes Receivable, $75,000.
Debit Cash, $75,000; Credit Notes Payable, $75,000.
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Buck's The Next Step Advanced Medical Coding And Auditing
Authors: Elsevier
1st Edition
0323762778, 978-0323762779
