Bear essentials borrowed $50,000 from stacks bank and signed a promissory note. what entry should bear essentials record?

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08-12-2017
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Bear essentials borrowed $50,000 from stacks bank and signed a promissory note. what entry should bear essentials record?

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Erudite1 Erudite1 · Answer 1 · 2017-12-21T14:48:15+01:00

Erudite1 Erudite1

21-12-2017

Bear essential should DEBIT THE CASH ACCOUNT AND CREDIT THE PROMISSORY NOTE PAYABLE WITH $50,000.00.
The cash account has to be debited because the cash received from the bank was borrowed and needs to be paid back.

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