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Company A and Company B each borrow $1,800 from the bank. Company A signed a 90-day, 8% note. Company B signed a 120-day, 7% note. How will each of these companies record these events in their respective general journals on the day the money was borrowed? Multiple Choice Company A Notes payable Cash Company B Notes payable Cash Company A Cash Notes payable Company B Cash Notes payable 1,800 1,800 1,836 1,842 1,800 1,800 1,836 1,842

Company A and Company B each borrow $1,800 from the bank. Company A signed a 90-day, 8% note. Company B signed a 120-day, 7% note. How will each of these companies record these events in their respective general journals on the day the money was borrowed? Multiple Choice Company A Notes payable Cash Company B Notes payable Cash Company A Cash Notes payable Company B Cash Notes payable 1,800 1,800 1,836 1,842 1,800 1,800 1,836 1,842

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Company A and Company B each borrow $1,800 from the bank. Company A signed a 90-day, 8% note. Company B signed a 120-day, 7% note. How will each of these companies record these events in their respective general journals on the day the money was borrowed? Multiple Choice Company A Notes payable Cash Company B Notes payable Cash Company A Cash Notes payable Company B Cash Notes payable 1,800 1,800 1,836 1,842 1,800 1,800 1,836 1,842
Transcribed Image Text:Company A and Company B each borrow $1,800 from the bank. Company A signed a 90-day, 8% note. Company B signed a 120-day, 7% note. How will each of these companies record these events in their respective general journals on the day the money was borrowed? Multiple Choice Company A Notes payable Cash Company B Notes payable Cash Company A Cash Notes payable Company B Cash Notes payable 1,800 1,800 1,836 1,842 1,800 1,800 1,836 1,842
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