Determine the Account and Amount to Be Debited and the Account

question 34

Short Answer

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. On December 31, 2019, the Notes Payable account had a balance of
$12,000, for a 5-month, 8 percent note issued on December 1, 2019.

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The financial gains obtained after subtracting the total expenses from the total revenues of a business or investment.