Question: On December 31, 2018, Smart Touch LEarning signed a 50,000 note payable. The note will be paid over five years with payments of 10,000 plus

On December 31, 2018, Smart Touch LEarning signed a 50,000 note payable. The note will be paid over five years with payments of 10,000 plus 6% interest due on each December 31. Which of the following is true regarding the first payment made on December 31, 2019?

A. Interest Expense is Debited

B. Cash is Debited for 10,300

C. Cash is credited for 10,000

D. Notes payable will be credited for 10,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Question: find the NPV, fill the rest of the table base on the provided case study. I attached 2 excel tables wich some numbers calculated and need the other number to find out base on the tables...

accounting problem 4 I sent everything from the previous problems and whats in the last problem the column next to the amount. Do not round intermediate calculations. Round your final answers to...

just need these posted to adjust trial balance, only info given is in pictures posted. The Jacks Company began business on July 1 from its home state of Arkansas. It is authorized to issue 100,000...

just need these posted to adjust trial balance, only infomation given is in pictures posted. The Jacks Company began business on July 1 from its home state of Arkansas. It is authorized to issue...

The Jacks Company began business on July 1 from its home state of Arkansas. It is authorized to issue 100,000 shares of common stock with a $1 par value and 50,000 shares of preferred stock with $50...

On January 1 2018, Statewide Sales issued S33 000 in bonds for $15,700. These are six-year bonds with a stated rate of 9% and pay semiannual interest. Statewide Sales uses the straight-line method to...

Perceptual map (at end of this year) Decisions Name New Pfmn New Size MTBF Revision Date Age at Revision R&D Cost ($000) 7.3 9.3 14.6 24000 26000 20000 22000 11.9 Attic Axe Apple Ate NA NA NA 10.8...

View Policies Current Attempt in Progress Cecilia Hernandez earned $60,120 in 2018 and was paid monthly. She worked for Hillside Tours for all of 2018. Que Accou Using the formulas, what were her CPP...

The London Tour Company (LTC) organizes tours of scenic and historic places of interest for visitors and new resi- dents of London, Ontario. The company was started by Andrew Zhang after he moved to...

Management Accounting Fundamentals assignment question from western sydney university. Please help me. Problem 1: The following information reects Wallace Company's job order production activities...

Figure shows the impact of a $10,000 subsidy on the market for college education when the subsidy is paid to college students. Starting with the same initial supply and demand curves, show what...

The Bc() curves of most superconductors have shapes close to simple parabolas. Suppose that Bc() = Bc0[1 (/c)2] Assume that Cs vanishes faster than linearly as 0. Assume also that CN is linear in...

Your portfolio is 3 5 0 shares of Sabrina, Incorporated. The stock currently sells for $ 1 0 5 per share. The company has announced a dividend of $ 3 . 6 0 per share with an ex - dividend date of...

Which project management tool uses the analogy "skateboard - bicycle - motorcycle - car"? Group of answer choices Scrum Waterfall Fate - Gate Star - gate

What is the purpose of the EEOC?

What might occur if Mr. Jameson tells Ms. Diazs supervisor that she is an unreliable employee?

Describe how HRD can be linked to the goals and strategies of an organization