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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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There are 3 Steps involved in it
Step: 1
Transaction Analysis a Accounts impacted Debit Cash Asset Credit Bank Loan Liability b DebitsCredits ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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