QUESTIONS If a company borrows from a bank by issuing a note, what is the entry to record the issuance of the note and the cash proceeds? O Debit cash, credit notes payable O Debit interest expense, credit cash O Debit cash credit interest expense QUESTION 6 What is the formula to arrive at net income on the income statement? O Expenses - total revenues O Total revenues - total expenses O Revenues -income QUESTION 7 Which of the following would be located on the Statement of Owner's Equity? John Doe, Capital Fees Earned Unearned Rent