The Journal Entry to Record the Conversion of an $4,700

question 56

Multiple Choice

The journal entry to record the conversion of an $4,700 accounts payable to a notes payable would be:

• A) Cash 4,700 Notes Payable 4,700
• B) Notes Receivable 4,700 Notes Payable 4,700
• C) Notes Payable 4,700 Cash 4,700
• D) Accounts Payable 4,700 Notes Payable 4,700

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Definitions:

Tender Can Be Made

Indicates that an offer or presentation of payment or performance in accordance with the terms of a contract is possible or has occurred.

Day Or Night

A term used to indicate that an action or operation can occur at any time within a 24-hour period.

Revocation Of Acceptance

Undoing the acceptance of an offer or contract, often due to the discovery of a significant problem or defect.

Waived His Right

The act of voluntarily relinquishing a known right, claim, or privilege.