Multiple Choice
Shaylee,Inc.borrowed $62,000 from a bank,depositing those funds in its bank account and signing a formal agreement to repay the loan in two years.What is the correct journal entry for this transaction?
A) Debit notes payable and credit cash for $62,000
B) Debit notes payable and debit cash for $62,000
C) Credit notes payable and credit cash for $62,000
D) Debit cash and credit notes payable for $62,000
Correct Answer:
Verified
Correct Answer:
Verified
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