Question

knowledge check 01 on march 1, glenn corporation borrows $25,000 from the bank. provide the journal entry for this transaction. view transaction list journal entry worksheet on march 1, glenn corporation borrows $25,000 from the bank. note: enter debits before credits. date account title debit credit march 01

Explanation:

Step1: Identify accounts affected

When borrowing from the bank, the company's cash (an asset) increases and it also has a liability (a note - payable or loan payable) to the bank.

Step2: Determine debit and credit

Assets increase with debits and liabilities increase with credits. So, cash is debited and the loan - related liability account is credited.

Answer:

Date	Account Title	Debit	Credit
March 01	Notes Payable (or Loan Payable)		$25,000