zoiebrown6551 zoiebrown6551
  • 18-12-2020
  • Business
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Brian Inc. borrowed $8,000 from First Bank and signed a promissory note. What entry should Brian Inc. record?

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abiolataiwo2015
abiolataiwo2015 abiolataiwo2015
  • 21-12-2020

Answer:

Dr Notes Receivable $8,000

Cr Cash $8,000

Explanation:

Based on the information given we were told that Brian Inc. borrowed the amount of $8,000 from First Bank in which they signed a promissory note which means that the journal entry that Brian Inc. should record the transaction is :

Dr Notes Receivable $8,000

Cr Cash $8,000

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