Question

Swifty Co issued a note payable to National Bank in the amount of ________?

Answer 1

Swifty Co issued a note payable to National Bank in the amount of $9 million.

Step-by-step explanation:

Swifty Co issued a note payable to National Bank in the amount of $9 million. This is based on the information provided about Singleton Bank lending $9 million to Hank's Auto Supply. When a loan is made by a bank, it is recorded as an asset on the bank's balance sheet. In this case, the loan to Hank's Auto Supply is a note payable, which means it is a written promise to pay a specified amount on a certain date.