A Business Repays the Amount Borrowed on a Note Payable

question 119

Multiple Choice

A business repays the amount borrowed on a note payable.Which account is credited?

• A) Cash
• B) Equipment
• C) Notes payable
• D) Notes receivable

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Definitions:

Basic Duty

A fundamental obligation or responsibility required by one's position, job, or legal standing.

Consolidated Electric

A hypothetical term possibly implying an amalgamation of multiple electric companies or utilities to form a single entity. NO.

Commercial Impracticability

A principle that excuses a party from performing their contractual obligation due to the occurrence of events that fundamentally transforms the nature of the obligations which the parties could not have anticipated.

Delta Star

Delta Star is a term often used in electrical engineering to refer to a method of connecting three-phase transformers or motors, involving a delta configuration and a star (wye) configuration.