The Hawk Co

Multiple Choice

The Hawk Co.borrowed $30,000 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 $30,000
B) Debit notes payable and debit cash for $30,000
C) Credit notes payable and credit cash for $30,000
D) Debit cash and credit notes payable for $30,000