Question 4 10 pts Assume a business records a journal entry that, among other things, debits both notes payable and interest expense. Choose the item that most accurately and completely describes this situation. O 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 The business is recording an interest payment o 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 5 10 pts Assume a business records a journal entry that, among other things, debits interest expense and NEITHER debits nor credits cash Choose the item that most accurately and completely describes this situation. O 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 O The business is recording an interest payment O The business is recording interest accrued at the end of an accounting period O The business is recording the payment made on the maturity date of a note Question 6 10 pts Assume a business is preparing a journal entry to record the payment of a note at maturity. Choose the item that would indicate that interest was accrued in a prior period. Cash being debited at maturity o Cash being credited at maturity Interest expense being debited at maturity o Interest expense being credited at maturity O Interest payable being debited at maturity Interest payable being credited at maturity Notes payable being debited at maturity O Notes payable being credited at maturity