The Hawk Co

question 123

Multiple Choice

The Hawk Co.borrowed $30,000 from a bank,depositing those funds in its bank account and signing a formal agreement to repay the loan in two years.What is the correct journal entry for this transaction?

• A) Debit notes payable and credit cash for $30,000
• B) Debit notes payable and debit cash for $30,000
• C) Credit notes payable and credit cash for $30,000
• D) Debit cash and credit notes payable for $30,000

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