Arnold Company issues a 5-year, 9% installment note for $23,000 to County Bank. Annual payments are $5,913.

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Arnold Company issues a 5-year, 9% installment note for $23,000 to County Bank. Annual payments are $5,913. The journal entry to record the issuance of the installment note payable would include a

a. credit to Interest Payable for $2,070.

b. debit to Cash for $23,000.

c. credit to Notes Payable for $25,070.

d. credit to Cash for $23,000

Related Book For answer-question

Principles of Cost Accounting

ISBN: 978-1133187868

16th edition

Authors: Edward J. Vanderbeck

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Posted Date: Feb 07, 2024 01:45 AM

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Arnold Company issues a 5-year, 9% installment note for $23,000 to County Bank. Annual payments are $5,913.

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Principles of Cost Accounting

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