Which of the accounts will be credited by the borrower

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Problem 1: Which of the following accounts will be credited by the borrower when a promissory note is issued?

A) Note Payable

B) Note Receivable

C) Interest Payable

D) Cash

Problem 2: If a long-term debt is paid in installments, the business will report the current portion of the note payable as a current liability.

Reference no: EM132723873

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