A Business Repays the Amount Borrowed on a Note with Cash.Which

question 217

Multiple Choice

A business repays the amount borrowed on a note with cash.Which of the following accounts is credited?

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

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Definitions:

Transportation Costs

Expenses associated with the process of moving goods or services from one location to another.

Free Trade Zones

Designated areas where goods can be imported, handled, manufactured, and re-exported under specific customs regulation but generally not subject to customs duty.

Developing Countries

Countries with a lower level of economic development, characterized by lower industrialization, lower income per capita, and often higher levels of poverty compared to developed countries.

Duties and Tariffs

Taxes imposed by governments on the import and export of goods.