If a company would like to repay a bank loan of $7,000, the bookkeeper would
A) debit Cash and credit Notes Receivable for $7,000.
B) debit Notes Receivable and credit Cash for $7,000.
C) debit Cash and credit Accounts Payable for $7,000.
D) debit Cash and credit Notes Payable for $7,000.
E) debit Notes Payable and credit Cash for $7,000.
E
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Credit unions are characterized by
A) mutual ownership. B) common bond membership. C) nonprofit, tax-exempt status. D) all of the above. E) none of the above.
Which of the following should be the first step in assessing ethical behavior in a certain situation?
A) Seek the advice of managers. B) Make a judgment based on the outcome of the activity. C) Consider appropriate moral values. D) Collect facts related to the situation. E) Gather a range of opinions on the effectiveness of the policy.