Journal Entry for bank loan of $ 10,000 taken by business is Bank Loan account Debit...
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Journal Entry for bank loan of $ 10,000 taken by business is Bank Loan account Debit and Cash a/c credit Cash a/c debit and bank loan a/c credit cash a/c debit and owner's equity credit not accounted as the cash is not related to business. Journal Entry for bank loan of $ 10,000 taken by business is Bank Loan account Debit and Cash a/c credit Cash a/c debit and bank loan a/c credit cash a/c debit and owner's equity credit not accounted as the cash is not related to business.
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Answer b Since the loan is taken and cash is received a journal must be made Cash is debit becau... View the full answer
Related Book For
Fundamentals of corporate finance
ISBN: 978-0073382395
9th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
Posted Date:
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