Question
Accounting/Economics Help Journal Entry Question: A company takes out a bank loan to renovate the new store location for $100,000 and agrees to pay $1,000
Accounting/Economics Help Journal Entry
Question: A company takes out a bank loan to renovate the new store location for $100,000 and agrees to pay $1,000 a month. They spends all of the money on improving and updating the store's fixtures and looks. Write a Journal Entry!
Below is my answer but I got one of the account names wrong. I am not sure how this is wrong or which name?
| Account Name | Debit/Credit |
| Lease Improvements | 100,000 Debit |
| Liabilities (Long Term) | 100,000 Credit |
To record new loans and improvements made on the storefront
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Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley
11th Edition
0131867121, 978-0131867123
