A Bank Loaned Atlas Company $10,000 on a 1-Year,6% Note,but

question 111

Multiple Choice

A bank loaned Atlas Company $10,000 on a 1-year,6% note,but deducted the interest in advance.The journal entry made by Atlas to record receipt of the cash would include a

• A)an increase in Cash for $9,400
• B)an increase in Cash for $600
• C)a decrease in Notes Payable for $10,600
• D)a decrease in Notes Payable for $9,400

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