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. debit Accounts Payable; credit Cash c. debit Cash; credit Notes Payable d. debit Notes Payable and Interest Expense; credit Cash QUESTION 8 The journal entry used to record the payment of a discounted note is a. debit Notes Payable; credit Cash O b. debit Accounts Payable; credit Cash c. debit Cash; credit Notes Payable d. debit Notes Payable and Interest Expense; credit Cash

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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