Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 39 - No. 16)
When a bank loan has been taken out, what ledger account is debited when the funds are received?
The bank account
The bank loan account
The interest expense account
The cash account
Explanation
When funds are received, the bank account (where the funds are deposited) is debited, showing an increase in cash.
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