Brian Inc. borrowed $8,000 from First Bank and signed a promissory note. What entry should First Bank record?
A) Debit Cash, $8,000 Credit Notes Receivable, $8,000.
B) Debit Notes Receivable, $8,000 Credit Cash, $8,000.
C) Debit Cash, $8,000 Credit Notes Payable, $8,000.
D) Debit Notes Payable, $8,000 Credit Cash, $8,000.
Answer: B
Bear Essentials borrowed $50,000 from Stacks Bank and signed a promissory note. What entry should Bear Essentials record?
A) Debit Cash, $50,000 Credit Notes Receivable, $50,000.
B) Debit Notes Receivable, $50,000 Credit Cash, $50,000.
C) Debit Cash, $50,000 Credit Notes Payable, $50,000.
D) Debit Notes Payable, $50,000 Credit Cash, $50,000.
Answer: C
Brian Inc. borrowed $8,000 from First Bank and signed a promissory note. What entry should Brian Inc. record?
A) Debit Cash, $8,000 Credit Notes Receivable, $8,000.
B) Debit Notes Receivable, $8,000 Credit Cash, $8,000.
C) Debit Cash, $8,000 Credit Notes Payable, $8,000.
D) Debit Notes Payable, $8,000 Credit Cash, $8,000.
Answer: C
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