FEB 1 – Dr. Paul Borrowed P420,000 From Her Father, Issuing PERSONAL Promiss…

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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