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    vtmamabear's Avatar
    vtmamabear Posts: 1, Reputation: 1
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    #1

    Sep 16, 2012, 11:14 AM
    Notes Payable
    Anchor acquires a trademark for $20,000. It pays $10,000 in cash and signs a $10,000 note payable due in 3 years. Cash will decrease and long-term liabilities will increase by the amount of the note. True or False.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Sep 16, 2012, 12:52 PM
    What do you think? To help you answer this do the journal entry to record the acquiring a trademark first. This is a simple problem to solve.
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