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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Journal entry worksheet 1 2 3 4 BSC borrowed $48,000 from the bank, promising to repay...
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3....
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