A Company Borrowed $15,000 from the Bank by Signing a Long-Term

question 26

Multiple Choice

A company borrowed $15,000 from the bank by signing a long-term note.How does this transaction affect the accounting equation?

• A)Add $15,000 to Cash and add $15,000 to Accounts Payable.
• B)Add $15,000 to Cash and add $15,000 to Notes Payable.
• C)Add $15,000 to Cash and add $15,000 to Retained Earnings.
• D)Add $15,000 to Accounts Receivable and add $15,000 to Accounts Payable.

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Definitions:

Autocratic Decision

A decision-making style where the leader unilaterally decides without input or consultation from others.

Participative Leadership

A leadership style where the leader involves team members in decision-making processes, valuing their input and fostering collaboration.

Higher Satisfaction

relates to an elevated level of contentment or fulfillment, often in reference to job, life, or specific experiences.

Delegate Tasks

The process of assigning responsibilities or authority to another person, usually from a manager to a subordinate, to carry out specific activities or tasks.