Borrow $ 1,000 loan to pay for new equipment of the company is recorded with:
a. Debit equipment and credit loan
b. Credit equipment and debit loan
c. Debit cash and credit loan
d. Credit cash and debit loan
e. None of these
Answer: A
Borrow $ 1,000 loan to pay for new equipment of the company is recorded with:
a. Debit equipment and credit loan
b. Credit equipment and debit loan
c. Debit cash and credit loan
d. Credit cash and debit loan
e. None of these
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