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John Hamilton borrowed $500,000 from Stone Creek Bank to open a new restaurant called Sauce-It-Up....

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Accounting

John Hamilton borrowed $500,000 from Stone Creek Bank to open a new restaurant called Sauce-It-Up. John transferred $450,000 of the cash he borrowed to the Company on the first day of the year. Which of the following appropriately reflects the cash transactions between these reporting entities?
John HamiltonSauce-It-UpStone Creek BankA.$ 50,000increase$450,000increase$500,000decreaseB.$500,000increase$450,000increase$500,000decreaseC.$500,000decrease$500,000increase$500,000decreaseD.$450,000increase$ 50,000increase$500,000decrease
Multiple Choice
Option A
Option B
Option C

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