The Journal Entry to Record the Issuance of a Note

question 76

Multiple Choice

The journal entry to record the issuance of a note for the purpose of converting an existing account payable would be

• A) debit Cash; credit Accounts Payable
• B) debit Accounts Payable; credit Cash
• C) debit Cash; credit Notes Payable
• D) debit Accounts Payable; credit Notes Payable

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Definitions:

Jeep Tours

A type of adventurous tour or excursion that involves exploring locations using a jeep.

Guests

Individuals who are invited or visit a place where they do not live or work.

Wells Serviced

This refers to the number of oil or water wells that have undergone maintenance, repair, or other service activities within a specific timeframe.

Performance Report

A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance.