Issuing a note payable for cash immediately results in a(n):
A)increase in assets and an increase in liabilities.
B)decrease in assets and an increase in liabilities.
C)decrease in assets and a decrease liabilities.
D)increase in liabilities and a decrease in stockholders' equity.

Question

Quizplus · Accepted Answer

The entry increases Cash,an asset,and increases Notes Payable,a liability.

Issuing a Note Payable for Cash Immediately Results in A(n)