A Three Column Form of Account Is So Named Because

question 194

Multiple Choice

A three column form of account is so named because it has columns for

• A) debit credit and account name.
• B) debit credit and reference.
• C) debit credit and balance.
• D) debit credit and date.

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Definitions:

Note Payable

A written agreement to pay a specified sum of money, plus interest, on a set date, representing a liability for the issuer.

Proceeds

The total amount of money received from a transaction before any deductions are made for costs or expenses.

Interest-Bearing

Referring to debt securities or loans that accrue interest over time, payable to the holder or lender.

Note Payable

A written promise to pay a specified amount of money, usually with interest, at a designated future date.