Multiple Choice
Cannon Ltd bought display racks with a fair market value of $150,000.The corporation signed a 3-year interest-bearing note at 8%.The entry to record the transaction would include
A) A debit to Notes Payable for $150,000
B) A debit to Interest Expense for $12,000
C) A credit to Notes Payable for $150,000
D) A credit to Interest Payable for $400
E) A credit to Notes Payable for $39,692
Correct Answer:
Verified
Correct Answer:
Verified
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