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03-09-2020
Business

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Shriver Corp. borrows $25,000 from a bank and signs a two-year promissory note. What accounts will be affected by this transaction and what is the effect?

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06-09-2020

Answer:

The Accounts affected are :

Cash
Note Payable

Effect of this transaction is :

Increase the Assets of Cash
Increase the Liabilities

Explanation:

The entry to record this transaction is :

Cash $25,000 (debit)

Note Payable $25,000 (credit)

Being recognition of Note Payable arising due to signing of a two-year promissory note.

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