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A business repays the amount borrowed on a note with cash.Which of the following accounts is credited?
Banking System
The network of financial institutions that provide banking services, such as accepting deposits and lending money.
Drawer
In financial transactions, the drawer is the person who writes or issues a cheque or draft, instructing their bank to pay a specified sum of money to the payee or bearer.
Payee
The individual or entity to whom a check, draft, or note is made payable.
Certified Check
is a check for which the issuing bank guarantees availability of funds by verifying the account's balance and then setting aside the check amount.
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