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Dr. bills Payable 6300 Notes Payable 6,300.
The journal entry used for recording the issuance of a note for the cause of converting a current account payable could be to debit the bills payable and credit the notes payable.
A magazine entry is a record of an enterprise transaction for your business books. In double-access bookkeeping, you're making at least two journal entries for each transaction. Because a transaction can create a variety of changes in a commercial enterprise, a bookkeeper tracks them all with magazine entries.
An example of a journal is a diary in which you write about what happens to you and what you are wondering. An example of a journal is the brand new England journal of drugs, wherein new studies are posted which are relevant to docs and medicinal drugs.
Magazine entry format is the usual layout utilized in bookkeeping to maintain a record of all of the organization's business transactions and is especially based totally on the double-access bookkeeping device of accounting and guarantees that the debit aspect and credit facet are usually the same.
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The journal entry to record the conversion of a $6,300 accounts payable to notes payable would be
A: Cash 6,300
Notes Payable 6,300
B: Notes Receivable 6,300
Notes Payable 6,300
C: Notes Payable 6,300
Cash 6,300
D: Accounts Payable 6,300
Notes Payable 6,300
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