Winkler Company borrows $87,000 and pledges its receivables as security. The journal entry to record this transaction would be:
A. Debit Accounts Receivable $87,000 and credit Notes Payable $87,000.
B. Debit Cash of $87,000 and credit Accounts Payable $87,000.
C. Debit Cash of $87,000 and credit Accounts Receivable $87,000.
D. Debit Cash $87,000 and credit Notes Payable $87,000.
E. Debit Note Receivable $87,000 and credit Accounts Receivable $87,000.
Answer: D
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