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Journal entry worksheet 1 2 3 4 BSC borrowed $48,000 from the bank, promising to repay it in two years. Record the transactio
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Answer #1
Transaction General Journal Debit Credit
2 Cash $48,000
Note payable $48,000
( To record borrowings from bank)

Cash will be debited since increase in assets is debited. Note payable will be credited since increase in liabilities is credited.

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