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1. When Van Enterprises borrows $40,000 to remodel their offices, the following entry is recorded: a) Cash is credited and Loans Payable is debitedis debited

1. When Van Enterprises borrows $40,000 to remodel their offices, the following entry is recorded:

a) Cash is credited and Loans Payable is debitedis debited

b) Loans Payable is credited, and Cash is debited

c) Cash is debited, and Loans Receivable is credited

d) None of the above

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