If a company pays back money borrowed from a bank,which of the following would be included in the journal entry to record this transaction?
A)Credit Notes Payable and debit Common Stock
B)Debit Cash and credit Notes Payable
C)Debit Cash and credit Common Stock
D)Credit Cash and debit Notes Payable

Question

Quizplus · Accepted Answer

Notes Payable,a liability account,decreases with a debit and Cash,an asset account,decreases with a credit.

If a Company Pays Back Money Borrowed from a Bank,which