Question: On January 1 , 2 0 2 4 , a business borrowed $ 1 8 , 0 0 0 on a five - year, 5

On January 1,2024, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,2024, the business should record
A. interest payable of $900.
B. note receivable of $18,000.
C. cash payment of $18,000.
D. nothing. (The note is already on the books.)
On January 1 , 2 0 2 4 , a business borrowed $ 1

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