Algonquin Provincial Bank agrees to lend Grimwood Brick Company $80,000 on January 1. Grimwood Brick Company signs an $80,000, 9-month, 5% note.
-The entry made by Grimwood Brick Company on January 1 to record the proceeds and issue of the note is:

Question

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The Answer of Algonquin Provincial Bank agrees to lend Grimwood Brick Company $80,000 on January 1. Grimwood Brick Company signs an $80,000, 9-month, 5% note.
-The entry made by Grimwood Brick Company on January 1 to record the proceeds and issue of the note is:

Algonquin Provincial Bank Agrees to Lend Grimwood Brick Company $80,000