Company a and company b each borrow $2,200 from the bank. company a signed a 60-day, 12% note. company b signed a 90-day, 10% note. how will each of these companies record these events in their respective general journals on the day the money was borrowed?

Explanation:

The journal entries are shown below:

For Company A

Cash A/c Dr $2,200

      To Notes payable A/c $2,200

(Being the cash is received for issuing the note)

For Company B

Cash A/c Dr $2,200

      To Notes payable A/c $2,200

(Being the cash is received for issuing the note)

We debited the cash account and credited the notes payable account so that correct posting can be done

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough