Assuming the use of special journals, the borrowing of $80,000 from the bank by signing a note payable would be recorded in the:
A)cash payments journal.
B)sales journal.
C)cash receipts journal.
D)general journal.

Question

Quizplus · Accepted Answer

The cash receipts journal is used to record all cash inflows, including borrowing from the bank, as it involves receiving cash.

Assuming the Use of Special Journals, the Borrowing of $80,000