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"Lyle Co. borrowed $20,000 from First Bank by signing a written promise to pay a definite sum of money on a specific future date. Lyle will record this in the general ledger as a(n) payable"
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"Lyle Co. borrowed $20,000 from First Bank by signing a written promise to pay a definite sum of money on a specific future date. Lyle will record this in the general ledger as a(n) payable"

User Fbastien
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2 Answers

6 votes

Answer: Notes payable.

Step-by-step explanation:

User Syed Waqas
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0 votes

Answer:

It will be recorded as a Loan Payable

Step-by-step explanation:

Since the money was borrowed and is to be returned at a specific date in the future, it is classified as a Load.

Therefore, the correct answer is Loan Payable.

User Swelet
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5.1k points
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