Author Question: Soles for Souls, Inc. borrows 2,000 from a bank on February 1, 2011 and agrees to pay it back two ... (Read 62 times)

K@

  • Hero Member
  • *****
  • Posts: 608
Soles for Souls, Inc. borrows 2,000 from a bank on February 1, 2011 and agrees to pay it back two years later with 6 interest. On February 1, 2011, the entry recorded in the journal would include a ________.
 
  A) credit to Notes receivable of 2,000
  B) credit to Cash of 2,000
  C) debit to Interest expense of 120
  D) credit to Notes payable of 2,000

Question 2

Sales to customers who use bank credit cards, such as MasterCard and VISA, are generally treated as credit sales.
 a. True
  b. False
 
   Indicate whether the statement is true or false



swimkari

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

D

Answer to Question 2

False



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

For a complete list of videos, visit our video library