Question

On November 1, Year 1, Cove Company borrowed $7,000 cash from Shelter Company. Cove issued a one-year note that carried a 7% annual rate of interest. Which of the following journal entries would be necessary to record the issue of the note on November 1, Year 1? Multiple Choice Account Titles Debit Credit Cash 7,000 Notes Payable 7,000 Account Titles Debit Credit Notes Payable 7,000 Cash 7,000 Account Titles Debit Credit Cash 490 Interest Payable 490 Account Titles Debit Credit Interest Payable 490 Cash 490 

          On November 1, Year 1, Cove Company borrowed $7,000 cash from Shelter Company. Cove issued a one-year note that carried a 7% annual rate of interest. Which of the following journal entries would be necessary to record the issue of the note on November 1, Year 1?

Multiple Choice
Account Titles	Debit	Credit
Cash	7,000	 
Notes Payable	 	7,000

Account Titles	Debit	Credit
Notes Payable	7,000	 
Cash	 	7,000

Account Titles	Debit	Credit
Cash	490	 
Interest Payable	 	490

Account Titles	Debit	Credit
Interest Payable	490	 
Cash	 	490
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Added by Tammy A.

Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
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On November 1, Year 1, Cove Company borrowed $7,000 cash from Shelter Company. Cove issued a one-year note that carried a 7% annual rate of interest. Which of the following journal entries would be necessary to record the issue of the note on November 1, Year 1? Multiple Choice Account Titles Debit Credit Cash 7,000 Notes Payable 7,000 Account Titles Debit Credit Notes Payable 7,000 Cash 7,000 Account Titles Debit Credit Cash 490 Interest Payable 490 Account Titles Debit Credit Interest Payable 490 Cash 490
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00:01 So the event principal is 210.
00:06 Okay, this way now we must scan all the numbers, we copy it over to another file, and paste it to the opener, paste it to the other file, plus or minus 0.
00:29 Ok, this is 2008, year 2010, 0 -3 -2 -0 -0, thanks, everyone, anyway, the person to pay the incident fee now, the person to pay the incident fee now, that's the same situation, entered the security code, this is a number punctured military code.
00:58 It appears, it appears...
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