On April 1st the company borrows 40000 from the bank and sig

On April 1st, the company borrows $40,000 from the bank and signs a note. The company plans on repaying the note six years later.

Journal entry

Date	account and explanation	debit	credit
Apr 1	Cash	40000
	Notes Payable		40000
	(to record amount borrow)

On April 1st, the company borrows $40,000 from the bank and signs a note. The company plans on repaying the note six years later.SolutionJournal entry Date acco

Tutor

Dr Jack

Tutor: Dr Jack

Most rated tutor on our site