Which of the following accounts are used when a short term note payable with 5% interest is

Question:

Which of the following accounts are used when a short term note payable with 5% interest is honored (paid)?
A. Short-term notes payable, cash
B. Short-term notes payable, cash, interest expense
C. Interest expense, cash
D. Short-term notes payable, interest expense, interest payable

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

Question Posted: