Question 1 10 pts Assume a business records a journal entry that debits accounts payable and credits notes payable. Choose the item that most accurately and completely describes this situation. The business is recording the purchase of an asset financed by issuing debt The business is generating funds by borrowing money The business is issuing a note to replace an account payable The business is recording an interest payment The business is recording interest accrued at the end of an accounting period The business is recording the payment made on the maturity date of a note Question 2 10 pts Assume a business records a journal entry that debits machinery and credits notes payable. Choose the item that most accurately and completely describes this situation. The business is recording the purchase of an asset financed by issuing debt O The business is generating funds by borrowing money The business is issuing a note to replace an account payable O The business is recording an interest payment The business is recording interest accrued at the end of an accounting period The business is recording the payment made on the maturity date of a note Assume a business records a journal entry that debits cash and credits notes payable. Choose the item that most accurately and completely describes this situation. The business is recording the purchase of an asset financed by issuing debt The business is generating funds by borrowing money The business is issuing a note to replace an account payable The business is recording an interest payment The business is recording interest accrued at the end of an accounting period The business is recording the payment made on the maturity date of a