The journal entry a company uses to record the issuance of a note for the purpose of borrowing funds for the business is
A) debit Accounts Payable; credit Notes Payable
B) debit Cash; credit Notes Payable
C) debit Notes Payable; credit Cash
D) debit Cash and Interest Expense; credit Notes Payable
B
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When creating a fully-amortized loan for $5,000 at an 11% interest rate for 20 years, the lender will require equal monthly payments of $51.61, including principal and interest. How much of the first monthly payment will be used to reduce the principal balance:
A: $45.83; B: $25.80; C: $11.56; D: $5.78.
How can an organization gain market access in a new country that limits imports?
A) by establishing a production facility within the country B) by locating a production source outside the market C) by forming a partnership with a local distribution company D) by establishing a local supply chain system in the neighboring country