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Electron borrowed $75,000 cash from TechCom by signing a promissory note
Electron borrowed $75,000 cash from TechCom by signing a promissory note. TechCom’s entry to record the transaction should include a:
- Debit to Notes Receivable for $75,000
- Debit to Accounts Receivable for $75,000
- Credit to Notes Receivable for $75,000
- Debit Notes Payable for $75,000
- Credit to Sales for $75,000
Expert Solution
Answer: a . Debit to Notes Receivable for $ 75,000
For TechCom , promissory note , will be treated as notes receivable , as it will be repaid by Electron ,on specified date of maturity, hence at the time of issue of promissory note , notes receivable account (asset) , will be increased , and cash account will be decreased.
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