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What journal entry is used for recording an increase in Loan payables due to a Bank?

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Solution 1

To record an increase in loan payables due to a bank, the following journal entry can be made:

Journal Entry

  1. Debit: Cash (Asset account) - This reflects the cash received from the bank.
  2. Credit: Loan Payable (Liability account) - This reflects the increase in the obligation to repa Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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