Question: Bear Essentials borrowed $50,000 from Stacks Bank and signed a promissory note. What entry should Stacks Bank record? Multiple Choice Debit Cash, $50,000; Credit Notes

Bear Essentials borrowed $50,000 from Stacks Bank and signed a promissory note. What entry should Stacks Bank record?

Multiple Choice

  • Debit Cash, $50,000; Credit Notes Payable, $50,000.

  • Debit Notes Receivable, $50,000; Credit Cash, $50,000.

  • Debit Cash, $50,000; Credit Notes Receivable, $50,000.

  • Debit Notes Payable, $50,000; Credit Cash, $50,000.

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