Question
A company borrowed $15,000 from the bank by signing a longterm note. How does this transaction affect the accounting equation? A.Add $15,000 to Cash and
A company borrowed $15,000 from the bank by signing a longterm note. How does this transaction affect the accounting equation?
A.Add $15,000 to Cash and add $15,000 to Notes Payable.
B.Add $15,000 to Cash and add $15,000 to Retained Earnings.
C.Add $15,000 to Cash and add $15,000 to Accounts Payable.
D.Add $15,000 to Accounts Receivable and add $15,000 to Accounts Payable.
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Accounting Theory
Authors: Contemporary Accounting Issues
1st Edition
9780324107845
