A business makes a payment of $1,400 on a note payable. Whic
A business makes a payment of $1,400 on a note payable. Which of the following journal entries would be recorded?
A) Cash is credited and Notes Payable is debited for $1,400.
B) Notes Payable is credited and Cash is debited for $1,400.
C) Cash is credited and Financing Expense is debited for $1,400.
D) Cash is debited and Financing Revenue is credited for $1,400.
ANSWER
A
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