Principle payment of cash on a note payable

Reference no: EM13132316

A business makes a principle payment of cash on a note payable. The note payable was originally issued for the purchase of equipment. Which of the following occurs?

a) an asset is credited and a liability is debited

b) an asset is debited and an asset is credited.

c) an asset is debited and a liability is credited.

d) a liability is debited and a liability is credited

Reference no: EM13132316

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