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Loans, Part 3, Question 14

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Loans, Part 3, Question 14
Matymus Offline
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#4
06-28-2007, 10:59 AM
snazzlefrag Wrote:You are not wrong on this one Matymus,

Assuming that the loan is made TO the company, it would INCREASE (debit) the cash account (current asset). At the same time, it would also INCREASE (credit) the Bank Loan Payable account (current liability).

Hope that helps,
Snazzlefrag

Good!! That's what I thought! I'm no CPA, but man...I like to at least think I have SOME accounting knowledge.
Big Grin Matymus Primehilarious
Waterloo, NY
Excelsior College
B.S. General Business, Class of 2008


Fall 2011 - currently pursuing Pre-Pharmacy
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Messages In This Thread
Loans, Part 3, Question 14 - by mstcrow5429 - 06-27-2007, 02:55 PM
Loans, Part 3, Question 14 - by Matymus - 06-27-2007, 03:33 PM
Loans, Part 3, Question 14 - by snazzlefrag - 06-27-2007, 03:43 PM
Loans, Part 3, Question 14 - by Matymus - 06-28-2007, 10:59 AM

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