What are the steps to record borrowing on a note payable?
a. Choose Bank Deposit in the navigation bar, then select Notes Payable.
b. Choose Bank within the menu, then click (+) icon by Deposit, then choose Note Payable.
c. Click on the menu icon, choose Bank Deposit, then choose Notes Payable.
d. Select Bank Deposit from the Create (+) icon. Complete the deposit using notes payable as the offsetting account
Answer: The journal entry to record the issuance of a note for the purpose of borrowing funds is: debit Accounts Payable; credit Notes Payable. debit Cash; credit Notes Payable.
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