Which of the following is the correct journal entry to convert a $6,300 account payable to a note payable? Cash $6,300 Notes Payable $6,300 Notes Receivable $6,300 Notes Payable $6,300 Notes Payable $6,300 Cash $6,300 Accounts Payable $6,300 Notes Payable $6,300

Which of the following is the correct journal entry to convert a $6,300 account payable to a note payable? Cash $6,300 Notes Payable $6,300 Notes Receivable $6,300 Notes Payable $6,300 Notes Payable $6,300 Cash $6,300 Accounts Payable $6,300 Notes Payable $6,300

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12MC: Which of the following accounts are used when a short-term note payable with 5% interest is honored...

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Question

Which of the following is the correct journal entry to convert a $6,300 account payable to a note payable?

Cash $6,300

Notes Payable $6,300

Notes Receivable $6,300

Notes Payable $6,300

Notes Payable $6,300

Cash $6,300

Accounts Payable $6,300

Notes Payable $6,300

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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