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Piper & Co. borrowed $497,000 on January 1 2021, on a 10%, 3-year note payable, due in three annual installments of $200,000 at the end
Piper & Co. borrowed $497,000 on January 1 2021, on a 10%, 3-year note payable, due in three annual installments of $200,000 at the end of each of the next three years. The entry to record the note payable on January 1 2021 would include a:
| A. | Credit to Notes Payable for $497,000. | |
| B. | Debit to Cash for $600,000. | |
| C. | Credit to Cash for $497,000. | |
| D. | Credit to Notes Payable for $600,000. |
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