Winkler Company Borrows $85,000 and Pledges Its Receivables as Security

question 87

Multiple Choice

Winkler Company borrows $85,000 and pledges its receivables as security.The journal entry to record this transaction would be:

• A)Debit Cash of $85,000 and credit Accounts Receivable $85,000.
• B)Debit Cash of $85,000 and credit Accounts Payable $85,000.
• C)Debit Note Receivable $85,000 and credit Accounts Receivable $85,000.
• D)Debit Cash $85,000 and credit Notes Payable $85,000.
• E)Debit Accounts Receivable $85,000 and credit Notes Payable $85,000.

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