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

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asked May 13, 2018 230k views

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Prabu Arumugam · Answer 1 · 2018-05-16T22:28:16+0000

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.

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

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