Multiple Choice
A business borrowed $20 000 from AXY Finance.The debit and credit entries for this transaction are:
A) Debit accounts payable $20 000;Credit loan from AXY finance $20 000
B) Debit loan from AXY finance $20 000;Credit accounts payable $20 000
C) Debit cash $20 000;Credit loan from AXY finance $20 000
D) Credit loan from AXY finance $20 000;Debit cash $20 000
Correct Answer:
Verified
Correct Answer:
Verified
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