A transaction has been recorded in the T-accounts of Simpson Company as follows:Cash850 Notes Payable 850Which of the following could be an explanation for this transaction?
A. The company borrowed $850.
B. Simpson acquired $850 cash from the issue of common stock.
C. The company loaned $850 to another company.
D. The company repaid a $850 debt.
Answer: A
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What will be an ideal response?
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