Brian Inc Borrowed $8,000 from First Bank and Signed a Promissory

question 117

Multiple Choice

Brian Inc. borrowed $8,000 from First Bank and signed a promissory note. What entry should First Bank record?

• A) Debit Cash, $8,000; Credit Notes Receivable, $8,000.
• B) Debit Notes Receivable, $8,000; Credit Cash, $8,000.
• C) Debit Cash, $8,000; Credit Notes Payable, $8,000.
• D) Debit Notes Payable, $8,000; Credit Cash, $8,000.

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Definitions:

Critical Thinking Skills

The capacity to evaluate information and arguments logically and methodically, identifying biases and assumptions.

Holistic Critical Thinking

An approach to critical thinking that considers the whole situation, including context, emotions, and interconnectedness of elements.

Scoring Rubric

A detailed outline of performance expectations and grading conversions used to assess a variety of tasks or activities, focused on specific criteria.