On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the due date on an overdue accounts payable.What is the journal entry needed to record the transaction by Indigo Company?Multiple Choice28Debit Notes Payable $6,100; credit Accounts Payable $6,100.Debit Accounts Payable $6100; credit Notes Payable $6,10.Debit Accounts Recelvable $6,100; eredit Notes Payable $6,100.Debit Sales $6,100; credit Notes Payable $6,100.Debit Cash $6,100: credit Notes Payable $6,100.< Prey6 of 10Next>

For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the cue date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice Debit Notes Payable $6,100; credit Accounts Payable $6,100. Debit Accounts Peyable $6,100; credit Notes Payable $6,100. Debit Accounts Receiveble $6,100: eredit Notes Payuble S6,100. Debit Sales $6,100; credit Notes Payable $6,100. Debit Cash $6,100: credit Notes Payable S6,100.

On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend the cue date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? Multiple Choice Debit Notes Payable $6,100; credit Accounts Payable $6,100. Debit Accounts Peyable $6,100; credit Notes Payable $6,100. Debit Accounts Receiveble $6,100: eredit Notes Payuble S6,100. Debit Sales $6,100; credit Notes Payable $6,100. Debit Cash $6,100: credit Notes Payable S6,100.

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 5P

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Similar questions

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