Question
A company borrowed $ 30000 from the bank by signing a longterm note. How does this transaction affect the accountingequation? A. Add $ 30000 to
A company borrowed $ 30000 from the bank by signing a longterm note. How does this transaction affect the accountingequation?
A.
Add $ 30000 to Cash and add $ 30000 to Accounts Payable.
B.
Add $ 30000 to Accounts Receivable and add $ 30000 to Accounts Payable.
C.
Add $ 30000 to Cash and add $ 30000 to Notes Payable.
D.
Add $ 30000 to Cash and add $ 30000 to Retained Earnings.
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Accounting for Non-Accounting Students
Authors: John R. Dyson
8th Edition
273722972, 978-0273722977
