Need Help With Accounting Asap Please!!?

Hartnett company borrowed $50,000 on a four year, 10% interest-bearing note. the note requires annual interest payments and a principal payment at maturity. Hartnett will record the issuance of this note with the following entry:
A) cash 50,000/ discount on notes payable 24,000 notes payable 26,000
B) cash 50,000/ notes payable 30,000 interest payable 20,000
C) cash 50,000/ notes payable 50,000
D) cash 55,000/ notes payable 55,000

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One Response to “Need Help With Accounting Asap Please!!?”

  1. JKRB says:

    Hartnett company borrowed $50,000 on a four year, 10% interest-bearing note. the note requires annual interest payments and a principal payment at maturity. Hartnett will record the issuance of this note with the following entry:
    C) cash 50,000/ notes payable 50,000

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