Question

required: record each transaction. addison uses the following accounts: cash, accounts receivable, equipment, notes payable, common stock, service revenue, advertising expense, and salaries expense. note: if no entry is required for a transaction or event, select
o journal entry required\ in the first account field. view transaction list journal entry worksheet < 1 2 3 4 5 6 7 obtain $7,800 loan from the bank by signing a note. note: enter debits before credits. date general journal debit credit march 05 record entry clear view general journal

Explanation:

Step1: Identify accounts affected

When obtaining a loan by signing a note, cash (an asset) increases and notes payable (a liability) increases.

Step2: Apply debit - credit rules

Assets increase with a debit and liabilities increase with a credit. So, debit Cash and credit Notes Payable.

Answer:

Date	General Journal	Debit	Credit
March 05	Notes Payable		7800