Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 7. when a borrower receives the face amount of a d

7. When a borrower receives the face amount of a discounted note less the discount,...

50.1K

Verified Solution

Question

Accounting

7.

When a borrower receives the face amount of a discounted note less the discount, the amount is known as the

a. note proceeds

b. note principal

c. note deferred interest

d. note discount

8.The journal entry to record the issuance of a note for the purpose of converting an existing account payable would be

a. debit Accounts Payable; credit Notes Payable

b. debit Cash; credit Accounts Payable

c. debit Cash; credit Notes Payable

d. debit Accounts Payable; credit Cash

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Epsilon Airlines services predominately the eastern and southeastern United States. The vast majority of Epsilon’s customers make...

Advance Math
Q

Hormone Replacement Therapy (HRT) is most commonly known for treating the discomfort associated with menopause. However,...

Medical Sciences
Q

The most common isotope of boron is 115B. part b) Calculate this binding energy from equation EB=C1A−C2A2/3−C3Z(Z−1)/A1/3−C4(A−2Z)2/A±C5A−4/3....

Physics
Q

Introduction By focusing on the needs of consumers, an organization creates a business that can outperform its...

General Management
Q

AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost...

Accounting
Q

7 A radio tower is supported by two wires that are 130 yards long and...

Geometry
Q

a Draw CD parallel to AB 5 Draw EF perpendicular to AB

Algebra
Q

help please Merrill Corporation has the following information available about...

Accounting
Q

Knowledge Check 01 Match each item with the action that will be taken with regards...

Accounting
Q

4. Write short note on the followings: a. Product Cost Vs. Period Cost b. Direct...

Accounting
Q

Teaar Cbemicals in considering Projects S and L, whose cash flows are shown below ....

Finance
Q

Examples of risk premium in the context of a financial security include which of the...

Finance