23) A business borrows cash by signing a note payable. Which account is debited? A) Notes payable B) Accounts payable C) Accounts receivable D) Cash Answer: D Diff: 2 LO: 2-4 EOC Ref: P2-29A AACSB: Analytic Skills AICPA Business: Strategic/Critical Thinking AICPA Functional: Reporting 24) A business borrows cash by signing a note payable. Which account is credited? A) Notes payable B) Accounts payable C) Accounts receivable D) Cash Answer: A Diff: 2 LO: 2-4 EOC Ref: P2-29A AACSB: Analytic Skills AICPA Business: Strategic/Critical Thinking AICPA Functional: Reporting 25) A business repays the amount borrowed on a note payable. Which account is debited? A) Cash B) Equipment C) Notes payable D) Notes receivable Answer: C Diff: 2 LO: 2-4 EOC Ref: P2-29A AACSB: Analytic Skills AICPA Business: Strategic/Critical Thinking AICPA Functional: Reporting 26) A business repays the amount borrowed on a note payable. Which account is credited? A) Cash B) Equipment C) Notes payable D) Notes receivable Answer: A Diff: 2 LO: 2-4 EOC Ref: P2-29A AACSB: Analytic Skills AICPA Business: Strategic/Critical Thinking AICPA Functional: Reporting
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