Record 848 loan from the bank evidenced by a shortterm noteS
Record $848 loan from the bank evidenced by a short-term note.
Solution
Journal entry :
| Date | accounts & explanation | debit | credit | 
| Cash a/c | 848 | ||
| Bank Loan | 848 | ||
| (To record Loan from bank) | 

Record $848 loan from the bank evidenced by a short-term note.
Journal entry :
| Date | accounts & explanation | debit | credit | 
| Cash a/c | 848 | ||
| Bank Loan | 848 | ||
| (To record Loan from bank) | 

