Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on november 1, year 1 cove company borrowed $7,000

On November 1, Year 1 Cove Company borrowed $7,000 cash from Shelter Company. Cove issued...

90.2K

Verified Solution

Question

Accounting

On November 1, Year 1 Cove Company borrowed $7,000 cash from Shelter Company. Cove issued a one-year note that carried a 7% annual rate of interest. Which of the following journal entries would be necessary to record the issue of the note on November 1, Year 1? Multiple Choice Account Titles Debit Credit Cash 7,000 Notes Payable 7,000 Account Titles Debit Credit Notes Payable 7,000 Cash 7,000 Account Titles Debit Credit Cash 490 Interest Payable 490 Account Titles Debit Credit Interest Paya

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Write an Explanation after each answer Chen Yau, a 3-year-old Asian-American man, was admitted with symptoms of...

Medical Sciences
Q

Derive the exponential expression that describes the radioactive decay in the number of nucleotides, N over...

Physics
Q

Gavina places products in several of the marketing channel categories. Two examples of this are placement...

General Management
Q

On January 1, 2020, Sharp Company purchased $50,000 of Sox Company 6% bonds, at a time...

Accounting
Q

Trina’s Trinkets Inc. (Trina’s) is a corporation incorporated and headquartered in Orem, Utah. Trina’s sells more...

Accounting
Q

6 The circumference is 25T Length of AB A B

Geometry
Q

radians Simplify your answer Typ

Geometry
Q

Policies ent Attempt in Progress lumber Corporation reported 720 culate the profit margin and 8

Basic Math
Q

A Ferris wheel at an amusement park has a diameter of 60 metres and makes...

Basic Math
Q

3 3 Homework K Erik Allen repairs photocopy r O A 7

Statistics
Q

The temperature over a given period is Estimate the average temperature from 0 t 8...

Calculus
Q

Find the equation of the quadratic function y ax bx c whose graph is shown...

Algebra