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Alexandra [31]
3 years ago
7

On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 da

ys.
Prepare the September 1 journal entry for Vicario.
Business
1 answer:
Tomtit [17]3 years ago
5 0

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $100,000            

     To Notes payable A/c $100,000        

(Being the issuance of the note payable is recorded)

For recording this transaction, we debited the cash account as it increases the asset and credited the note payable account as it also increases the liabilities account    

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1. apply what you’ve learned - managing credit cards and consumerloans
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Answer:

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