The journal entry used to record the payment of a discounted note is


QUESTION 8 The journal entry used to record the payment of a discounted note is a. debit Notes Payable; credit Cash O b. debi

Answer

Answer: Option A) Debit : Notes Payable  Credit: Cash

The Journal entry to record the Notes is Case should be Credit since we lose the Cash, debit should be Notes Payable since our Liability will be redeemed.

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