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Find what is needed in journal entry to record the borrowing

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Reference no: EM132768688

Problem 1: A company borrowed $30,000 in cash by signing a $30,000, three-year notice payable with a 10% annual interest rate.  What is needed in the journal entry to record this borrowing of $30,000?

A. Credit to note payable for $30,000
B. Credit to interest expense for $9,000
C. Debit to cash for $39,000
D. Debit to note payable for $30,000

Reference no: EM132768688

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