When a corporation pays a note payable and interest Select one: a. debit Cash b. credit Notes Payable and Interest Expense C. Interest Expense will be decreased O d. Notes Payable will be decreased ...... ............................ ........... n 2 Which basic assumption is used when Palestine co.purchased 1000 meters of land and not recorded the transaction? ed out of a question Select one: O a. Going concern assumption b. Economic entity assumption C. Periodicity assumption d. Monetary unit assumption 3 If a company not posted one of its journal entries to its general ledger, the trial balance will show an equal amount of debit and credit balance accounts Select one: ut of O True question False Previous page Next page