A Transaction Has Been Recorded in the T-Accounts of Simpson $\begin{array}{cc}\text {Cash }\\\hline\begin{array}{ll|l}&850& \\\end{array}\end{array}$

question 43

Multiple Choice

A transaction has been recorded in the T-accounts of Simpson Company as follows:
$\begin{array}{cc}\text {Cash }\\\hline\begin{array}{ll|l}&850& \\\end{array}\end{array}$
$\begin{array}{cc}\text { Notes Payable}\\\hline\begin{array}{ll|l}&&850 \\\end{array}\end{array}$
Which of the following could be an explanation for this transaction?

• A) The company borrowed $850.
• B) The company loaned $850 to another company.
• C) The company repaid a $850 debt.
• D) Simpson acquired $850 cash from the issue of common stock.

Understand the concept of credit card finance charges and how to minimize them.

Analyze the implications of different payment plans and their associated finance charges.

Calculate the total finance charges on installment plans and loans.

Evaluate the terms of loans and payment plans to make informed financial decisions.

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