Winkler Company borrows $85,000 and pledges its receivables as security. The journal entry to record this transaction would be:
A. Debit Cash $85,000 and credit Notes Payable $85,000.
B. Debit Note Receivable $85,000 and credit Accounts Receivable $85,000.
C. Debit Cash of $85,000 and credit Accounts Receivable $85,000.
D. Debit Accounts Receivable $85,000 and credit Notes Payable $85,000.
E. Debit Cash of $85,000 and credit Accounts Payable $85,000.
Answer: A
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