Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 11 - No. 32)
11. A business has completed the following transactions in September: Bank loan received: $13,800. What is the impact to the account?
Debit to the cash.
Credit to the loan.
Both 1 and 2.
No change in the account.
Explanation
Debit to the bank account and credit to the loan.
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