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On November 1, Year 1 Cove Company borrowed $7,000 cash from Shelter Company. Cove issued...

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Accounting

On November 1, Year 1 Cove Company borrowed $7,000 cash from Shelter Company. Cove issued a one-year note that carried a 7% annual rate of interest. Which of the following journal entries would be necessary to record the issue of the note on November 1, Year 1? Multiple Choice Account Titles Debit Credit Cash 7,000 Notes Payable 7,000 Account Titles Debit Credit Notes Payable 7,000 Cash 7,000 Account Titles Debit Credit Cash 490 Interest Payable 490 Account Titles Debit Credit Interest Paya

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