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

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

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

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

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

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

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