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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?

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Kalahira
The given data shows that Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company. Below are the journal entries that should be recorded upon signing the note: 1.Debit Accounts Payable $24,000 2.credit Notes Payable $24,000.