Knowledge Check 01\ Kelly Corporation borrows

$120,000

from First Community Bank. How would this transaction be recorded?\ Multiple Choice\ Deblt Notes Payable

$120,000

, credit Cash

$120,000

\ Deblt Cash

$120,000

, credit Notes Payable

$120,000

\ Debit Notes Payable

$120,000

, credit Accounts Recelvable

$120,000

\ Debit Accounts Recelvable

$120,000

, credit Notes Payable

$120,000

Knowledge Check 01 Kelly Corporation borrows $120,000 from First Community Bank. How would this transaction be recorded? Multiple Choice Deblt Notes Payable $120,000, credit Cash $120,000 Debit Cash $120,000. credit Notes Payable $120,000 Debit Notes Payable $120,000, credit Accounts Recelvable $120,000 Debit Accounts Recelvable $120,000, credit Notes Payable $120,000