On may 22, jarrett company borrows $7,500 from fairmont financing, signing a 90-day, 8%, $7,500 note. what is the journal entry needed to record the transaction by jarrett company? multiple choice debit cash $7,500; credit notes payable $7,500. debit notes receivable $7,500; credit cash $7,500. debit cash $7,650; credit notes payable $7,650. debit cash $7,500; credit accounts payable $7,500. debit accounts payable $7,500; credit notes payable $7,500.

The correct answer is Debit Cash and Credit Noted Payable

Explanation:

The journal entry for borrowing the cash is as follows:

Cash A/cDr    $7,500

   Notes Payable A/cCr   $7,500

As Jarrett company borrowed the amount of $7,500, so cash is increasing and any increase in asset account will be debited. Therefore, the cash account is debited. Whereas he signed a notes payable against the cash so notes payable account is credited.

answer; foreign exchange transaction;

answer; to open a new transaction, the user should type the code/0 along with a new transaction code, when done with that the user should press enter to open the transaction; good luck;