Business, 03.08.2021 23:00 s855753

On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company. What is the journal entry that should be recorded upon signing the note? i. Debit Accounts Receivable $24,000; credit Notes Receivable $24,000
ii. Debit Accounts Payable $24,000; credit Notes Payable $24,000
iii. Debit Accounts Payable $24,160; credit Notes Payable $24,160
iv. Debit Notes Payable $24,000; debit Interest Expense $160; credit Accounts Payable $24,160
v. Debit Notes Payable $24,000; debit Interest Expense $160; credit Cash $24,160

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On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an acc...

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