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 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 question Select one: 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: out of True question O False Previous page Next page