Kr2isT4yQueen Kr2isT4yQueen
  • 22-03-2017
  • Business
contestada

Brian inc. borrowed $8,000 from first bank and signed a promissory note. what entry should first bank record?

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andriansp andriansp
  • 29-03-2017
the entry that the bank should record is: 
Debit cash $8,000; Credit notes payable $ 8,000

by borrowing money, Brian inc.'s asset increased, which means the increase in cash should be recorded in Debit.
Meanwhile, a promise to pay back is considered a liability that should be paid, therefore it's recorded in Credit
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