Upon payment of the amount due on a $4,000 face value,60-day,6 percent note,the accountant will record an entry that includes a debit to Notes Payable for $4,000.

Name: Upon payment of the amount due on a $4,000 face value,60-day,6 percent note,the accountant will record an entry that includes a debit to Notes Payable for $4,000.
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Question

Quizplus · Accepted Answer

This is correct because the payment of the note results in a reduction in the balance of the Notes Payable account by the full amount of the note, $4,000.

Upon Payment of the Amount Due on a $4,000 Face