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Assume that AMA Bank agrees to lend 100,000 on Aug 1, 2021 to XYZ Company, if Cole Williams Co. signs a 100,000, 12%, four-month note

Assume that AMA Bank agrees to lend 100,000 on Aug 1, 2021 to XYZ Company, if Cole Williams Co. signs a 100,000, 12%, four-month note maturing on December 1. What will be the journal entry for XYZ company? a. Debit: Notes payable, Credit: Cash b. Debit: cash, Credit: Notes Payable c. Debit: Cash, Credit: Accounts payable d. Debit: Cash, Credit: Loans payable

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