Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cash is received for a new business loan. which of

Cash is received for a new business loan. Which of the following is the correct...

90.2K

Verified Solution

Question

Accounting

Cash is received for a new business loan. Which of the following is the correct posting for this transaction?
Debit Accounts Payable (a liability) and credit Cash.
Debit Notes Payable and credit Cash.
Debit Cash and credit Accounts Receivable.
Debit Cash and credit Notes Payable (a liability).
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1)Please explain the role of alloimmune antibodies in graft rejection? 2)What is the cause of the tissue...

Biology
Q

A DNA strand reads 5'AATCGTAGTC3'. The adjacent strand should read: 3'AATCGTAGTC5' 3'TTAGCATCAG5' 5'TTAGCATCAG3' None of the above All of the above

Biology
Q

X rays were produced using Cobalt Z 27 as target It was observed that the...

Physics
Q

Design a relational schema and SQL quenes to iStore the basis functional dependencies i Check...

Geometry
Q

First, determine the quadrant for ?, then find x, y, and r; and finally, give...

Basic Math
Q

Suppose that for a certain experiment P A 0 6 and P B 0 3...

Statistics
Q

An event A will occur with probability 0 5 An event B will occur with...

Statistics
Q

20 General data analysis skills a Explain the difference between quantitative and qualitative data b...

Statistics
Q

3.2 REQUIRED Calculate the following from the information provided below: 3.2.1 The total...

Accounting
Q

Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time,...

Accounting
Q

This is the entire question that has been given to me. The accounts receivable on...

Accounting
Q

Larned Corporation recorded the following transactions for the just completed month. a. Purchased $85,000 of...

Accounting