The Oven Store Has a Short-Term Note Payable of $3,000

question 119

Multiple Choice

The Oven Store has a short-term note payable of $3,000. At maturity, the interest on the note is $200 and has not been accrued. The journal entry to record the payment of the note would include:

• A)a debit to Note Payable for $3,000.
• B)a credit to cash for $3,200.
• C)a debit to interest expense for $200.
• D)all of the above.

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Definitions:

External Dimensions

Factors outside an individual or organization that can affect performance, strategy, or operations, such as economic conditions, societal trends, or technological advancements.

Candor

The quality of being open, honest, and straightforward in expression.

Risk Taking

The act of engaging in actions or decisions that involve uncertainty and the potential for negative outcomes in hopes of achieving beneficial results.

Reforming

The process of making changes to something with the intention of improving it.