Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mrs. Sharma fulfilled her life dreams by investing $50,000 in a new cake baking business plus she took a business loan of $5,000. The
Mrs. Sharma fulfilled her life dreams by investing $50,000 in a new cake baking business plus she took a business loan of $5,000. The journal entry would be: A. Debit Cash $50,000; Credit Capital $50,000 B. Debit Capital $55,000; Credit Cash $50,000 and Credit Bank Loan $5,000 C. Debit Cash $55,000; Credit Capital $50,000 and Credit Bank Loan $5,000 D. Debit Cash $55,000; Credit Loan $50,000 and Capital $5,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started