Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1.Givens Brick Company signs a $300,000, 8%, 9-month note.The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note is

Question

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The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note is a debit to Cash for $300,000 and a credit to Notes Payable for $300,000. Option B shows this entry.

Admire County Bank Agrees to Lend Givens Brick Company $300,000