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which answer is correct?? On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5% bank loan payable. On this date, how should the
which answer is correct??
On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5% bank loan payable. On this date, how should the corporation have recorded this transaction in its accounting records? a debit to Interest Expense for $10,000 and a credit to Cash for $10,000 a debit to Cash for $10,000 and a credit to Bank Loan Payable for $10,000 a debit to interest Expense for $250, a debit to Cash for $9,750, and a credit to Bank Loan Payable for $10,000 a credit to Cash for $10,000 and a debit to Bank Loan Payable for $10,000Step by Step Solution
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