A company lent $10,000 to an employee who signed a 9%,6-month promissory note.The entry made by the company to record this loan to the employee will include a:
A)debit to Accounts Receivable for $10,000.
B)credit to Sales for $10,000.
C)debit to Notes Receivable for $10,000.
D)credit to Notes Payable for $10,000.

Question

Quizplus · Accepted Answer

The entry includes a debit to Notes Receivable and a credit to Cash for $10,000.

A Company Lent $10,000 to an Employee Who Signed a 9%,6-Month