FEB 1 – Dr. Paul borrowed P420,000 from her father, issuing PERSONAL promissory note. Dr. Paul eventually invested this money in the business. Choose the correct entry combination *
A.Debit: Paul Capital P420,000 Credit: Cash P420,000
B.Debit: Cash P420,000 Credit: Notes payable P420,000
C.Debit: Notes payable P420,000 Credit: Cash P420,000
D.Debit: Cash P420,000 Credit: Paul Capital P420,000
Answer:
a
Step-by-step explanation:
because when you use a debit card, the funds for the amount of your purchase are taken from your checking account in almost real time. When you use a credit card, the amount will be charged to your line of credit, meaning you will pay the bill at a later date, which also gives you more time to pay.
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