Previous Page Next Page Page 8 of Question 11 (3 points) XUH, Inc. XUH, Inc. experienced some difficulties with cash flow, so it approached one of its vendors, PDQ Enterprises, about a payment extension. PDQ agreed to the extension, on the condition that XUH sign a note that includes 9% interest. Refer to the information for XUH, Inc. Assume that XUH agrees to the condition. What journal entry will XUH record for this transaction? Debit accounts payable and credit notes payable. Debit notes payable and credit accounts payable. Debit accounts payable and credit accounts receivable. Two separate entries are required: one for the retirement of the account payable for cash and one for the issuance of the note payable for cash. Previous Page - Next Page Type here to search Page 8 of 32 Ofte 9 DELL