Bank A makes a loan of $10,000 to Company B at a 10% interest rate. Which of the following is the correct journal entry for Bank A the day the loan is made? Group of answer choices Option A.)Dr. Cash (+A) $10,000 Cr. Notes Payable (+L) $10,000 Option B) Cr. Notes Payable (+L) $10,000 Dr. Cash (+A) $10,000 Option C) Dr. Notes Receivable (+A) $10,000 Cr. Cash (-A) $10,000 Option D) Dr. Notes Receivable (+A) $11,000 Cr. Cash (-A) $11,000 ANSWER BEFORE 11:30!!
Bank A makes a loan of $10,000 to Company B at a 10% interest rate. Which of the following is the correct journal entry for Bank A the day the loan is made? Group of answer choices Option A.)Dr. Cash (+A) $10,000 Cr. Notes Payable (+L) $10,000 Option B) Cr. Notes Payable (+L) $10,000 Dr. Cash (+A) $10,000 Option C) Dr. Notes Receivable (+A) $10,000 Cr. Cash (-A) $10,000 Option D) Dr. Notes Receivable (+A) $11,000 Cr. Cash (-A) $11,000 ANSWER BEFORE 11:30!!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bank A makes a loan of $10,000 to Company B at a 10% interest rate. Which of the following is the correct
Option A.)Dr. Cash (+A) $10,000 Cr. Notes Payable (+L) $10,000
Option B) Cr. Notes Payable (+L) $10,000 Dr. Cash (+A) $10,000
Option C) Dr. Notes Receivable (+A) $10,000
Cr. Cash (-A) $10,000
Option D) Dr. Notes Receivable (+A) $11,000
Cr. Cash (-A) $11,000
ANSWER BEFORE 11:30!!
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