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Question 10 (1 point) Watauga County Bank agrees to lend Farm Caf $500,000 on January 1, 2021. Farm Caf signs a $500,000, 6%, 9-month note.
Question 10 (1 point) Watauga County Bank agrees to lend Farm Caf $500,000 on January 1, 2021. Farm Caf signs a $500,000, 6%, 9-month note. Use the following tabular analysis to record the proceeds and issuance of the note by Farm Cafe: SEY Petard Acum Corn wake Increase to Interest Expense for $22,500, increase to Cash for $477,500, and an increase to Notes Payable for $500,000. Increase to Cash and to Notes Payable for $500,000. Increase to Cash for $500,000, increase to Interest Expense for $22,500, and an increase to Accounts Payable for $522,500. Increase to Cash for $500,000, increase to Interest Expense for $22,500, increase to Notes Payable for $500,000, and an increase to Interest Payable for $22.500
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