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The business borrowed $300,000 cash from the bank. Next year, it will maybe be used to buy new furniture. TRANSACTION ANALYSIS: a.Accounts impacted: name and

The business borrowed $300,000 cash from the bank. Next year, it will maybe be used to buy new furniture.

TRANSACTION ANALYSIS:

  • a.Accounts impacted: name and type
  • b.Debits/credits
  • c.Explain the transaction
  • d.Explain the impact on the balance sheet

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