A Business Repays the Amount Borrowed on a Note Payable

question 38

Multiple Choice

A business repays the amount borrowed on a note payable by cash. Which of the following accounts will be debited?

• A)Cash
• B)Bank
• C)Notes Payable
• D)Notes Receivable

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Definitions:

Peak Communication

The most efficient and effective level of exchanging information where all parties clearly understand each other.

Honest

The quality of being truthful, straightforward, and free from deceit or fraud in one’s actions and statements.

Open

Characterized by accessibility, willingness to receive or consider new ideas, and lack of restrictions or barriers.

Johari Window

A model that helps individuals understand their relationship with self and others by categorizing known and unknown aspects of themselves in four quadrants.