Admire county bank agrees to lend givens brick company $600,000 on january 1st. givens brick company signs a $600,000, 8%, 9-month note. what entry should be made by givens brick company on january 1st to record the proceeds and issuance of the note?

The journal entry for the issuance and the proceeds of the note is shown below:

Explanation:

Cash A/cDr   $600,000

    Notes Payable A/cCr  $600,000

The givens company received a amount of $600,000 from the bank, so cash is increasing and increase in cash is debited. Therefore, the cash account is debited. Whereas, the cash against a note payable, which increases the liability and any increase in liability is credited. Therefore, notes payable is credited.

idk the answer to this question

i just took the test and it is financing