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
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.