Grayson Bank agrees to lend the Trust Company $98,759 on January 1. Trust Company signs a $98,759, 8%, 9-month, interest-bearing note. The entry made by Trust Company on January 1 to record the proceeds and issuance of the note is: Select the correct answer. A. Interest Expense$5,926 Cash$92,833 Notes Payable$98,759 B. Cash$107,648 Interest Expense$5,926 Notes Payable$98,759 Interest Payable$2,963 C. Cash$104,685 Interest Expense$5,926 Notes Payable$98,759 D. Cash$98,759 Notes Payable$98,759
Grayson Bank agrees to lend the Trust Company $98,759 on January 1. Trust Company signs a $98,759, 8%, 9-month, interest-bearing note. The entry made by Trust Company on January 1 to record the proceeds and issuance of the note is: Select the correct answer. A. Interest Expense$5,926 Cash$92,833 Notes Payable$98,759 B. Cash$107,648 Interest Expense$5,926 Notes Payable$98,759 Interest Payable$2,963 C. Cash$104,685 Interest Expense$5,926 Notes Payable$98,759 D. Cash$98,759 Notes Payable$98,759
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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Grayson Bank agrees to lend the Trust Company $98,759 on January 1. Trust Company signs a $98,759, 8%, 9-month, interest-bearing note. The entry made by Trust Company on January 1 to record the proceeds and issuance of the note is:
Select the correct answer.
A. Interest Expense$5,926
Cash$92,833
Notes Payable$98,759
B. Cash$107,648
Interest Expense$5,926
Notes Payable$98,759
Interest Payable$2,963
C. Cash$104,685
Interest Expense$5,926
Notes Payable$98,759
D. Cash$98,759
Notes Payable$98,759
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