Thread: Loans, Part 3, Question 14
View Single Post
  #4 (permalink)  
Old 06-28-2007, 10:59 AM
Matymus Matymus is offline
Baron / Baroness
  
Join Date: Sep 2006
Location: Lincoln, NE
Posts: 418
Send a message via AIM to Matymus
Default
Quote:
Originally Posted by snazzlefrag
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.
__________________
Matymus Prime
Lincoln, NE
Excelsior College
B.S. General Business


~105 Credits down - 15 to go~
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote