Are loans debited to the cash account, or not (they aren't in the question)? Where do they go if not?

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Excelsior, BS Finance, pursuing degree

Studying:

Completed:
CLEP: Hum. (67), Hist. of U.S. I (74), Hist. of U.S. II (71), Intro. Psych. (69), Intro. Soc. (72), Soc. Sci. and Hist. (74), Western Civ I (72), Western Civ II (70), Am. Lit. (60), Intro. to Educ. Psych. (62), P. of Management (74), P. of Market. (74), Intro. Bus. Law (67), P. of Accounting (60), AmGov (68)
DSST: Ethics in Am. (76), P. of Super.(67), HRM (65), Intro to Bus. (70), MIS (65), P. of Fin (62), M&B (65), P. of Stat. (68)
ECE: OB (B)
TECEP:: IntFin, SecAna

Total Credits: 114

I believe they are debited to the cash account. I hope I'm not wrong on that one.

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Matymus Prime
Lincoln, NE
Excelsior College
B.S. General Business


~105 Credits down - 15 to go~

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

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My name is Rob
So far, I have earned 142 credits (12 not used).

Excelsior College
- BS Psychology (5 courses/exams to go)
- BS Business (2 courses/exams to go)
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Upcoming: N/A
In-progress: CSU-Pueblo: Labor Relations course
Most Recently Completed: English Composition at PFC (97).
Exams/Courses Passed To Date (43):
- Courses (4): 1 ECE, 1 CSU-Pueblo, 2 PFC.
- Exams (39): 24 DANTES, 15 CLEP.
GPA: 4.0

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~