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On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the amount of $1,200. Hoya knows it will not be able to pay the amount by the invoice due date of 2/15, s it asks to issue a 2 month note payable to the money tree for the amount due. The money tree accepts, and Hoya’s entry will include a credit to which account? Cash Note payable  accounts receivable interest expense

On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the amount of $1,200. Hoya knows it will not be able to pay the amount by the invoice due date of 2/15, s it asks to issue a 2 month note payable to the money tree for the amount due. The money tree accepts, and Hoya’s entry will include a credit to which account? Cash Note payable  accounts receivable interest expense

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 16EB: Element Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in...
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On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the amount of $1,200. Hoya knows it will not be able to pay the amount by the invoice due date of 2/15, s it asks to issue a 2 month note payable to the money tree for the amount due. The money tree accepts, and Hoya’s entry will include a credit to which account?

Cash

Note payable 

accounts receivable

interest expense 

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