Homer Company in its fiscal year ending June 30, arranged to settle an open account of $60,000 with one of its vendors with a written obligation. What accounts would be involved in the journal entry to record this event? 

Notes Payable and Accounts Payable

Notes Receivable and Accounts Receivable

Notes Payable, Interest Expense and Accounts Payable

None of the above

Answer rating: 100% (QA)

When a note is accepted to settle an open account Notes ... View the full answer