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25 April, 05:56

Pluto Inc. borrows $3000 from Second National Bank by signing a promissory note. Recording this transaction will include which of the following? a. Debit notes receivableb. Debit cashc. Credit revenued. Credit note payable

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  1. 25 April, 08:00
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    b. Debit cash and d. Credit note payable

    Explanation:

    On borrowing from the bank, the entries to be posted by Pluto Inc. will be;

    Debit Bank/Cash account $3000

    Credit Credit note payable $3000

    The credit represents the liability which is the obligation to payback the loan at a future date.

    The right options are; b. Debit cash and d. Credit note payable.
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Home » Business » Pluto Inc. borrows $3000 from Second National Bank by signing a promissory note. Recording this transaction will include which of the following? a. Debit notes receivableb. Debit cashc. Credit revenued. Credit note payable
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