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POSSIBLE POINTS: 3.64 Calvin Harris owns a coffee shop under the name Musical Coffee Cafe. In the month of March, he applied for a business

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POSSIBLE POINTS: 3.64 Calvin Harris owns a coffee shop under the name Musical Coffee Cafe. In the month of March, he applied for a business loan of $100,000 in order to renovate the cafe, from Tomorrowland Bank. The loan was approved in April and the bank transferred the money into his Bank Account on May 1st, 2020 The Journal entry in the books of accounts will be Date Account Debit ($) Credit (5) May 1st 2020 A/C AVO 100,000 VAJC 100,000 (Being Bank Loan Received)

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