Multiple Choice
A bank loaned York Construction Company $35,000 on a 1-year, 6% note, but deducted the interest in advance.The journal entry made by York to record receipt of the cash would include an
A) increase in Cash for $35,000.
B) decrease in Notes Payable for $32,900.
C) increase in Discount on Notes Payable for $2,100.
D) increase in Interest Revenue for $2,100.
Correct Answer:
Verified
Correct Answer:
Verified
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