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06-27-2007, 02:55 PM
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Loans, Part 3, Question 14
Are loans debited to the cash account, or not (they aren't in the question)? Where do they go if not?
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Excelsior, BS Finance, pursuing degree Studying: DSST P. of Stat. Completed: CLEP: Hum. (67), Hist. of U.S. I (74), Hist. of U.S. II (71), Intro. Psych. (69), Intro. Soc. (72), Soc. Sci. and Hist. (74), Western Civ I (72), Western Civ II (70), Am. Lit. (60), Intro. to Educ. Psych. (62), P. of Management (74), P. of Market. (74), Intro. Bus. Law (67), P. of Accounting (60), AmGov (68) DSST: Ethics in Am. (76), P. of Super.(67), HRM (65), Intro to Bus. (70), MIS (65), P. of Fin (62), M&B (65) ECE: OB (B) Total Credits: 105 Last edited by mstcrow5429 : 06-27-2007 at 04:12 PM.     
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06-27-2007, 03:43 PM
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You are not wrong on this one Matymus, Assuming that the loan is made TO the company, it would INCREASE (debit) the cash account (current asset). At the same time, it would also INCREASE (credit) the Bank Loan Payable account (current liability). Hope that helps, Snazzlefrag
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My name is Rob So far, I have earned 139 credits (12 not used). Excelsior College - BS Psychology (15 credits - 5 courses/exams to go) - BS Business (9 credits - 3 courses/exams to go) ____________ Upcoming: An UL business course of some kind. In-progress: ENG100 English Comp (PFC) Most Recently Completed: Tech Math I at PFC. Exams/Courses Passed To Date (42): - Courses (3): 1 ECE, 1 CSU, 1 PFC. - Exams (39): 24 DANTES, 15 CLEP.
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06-28-2007, 10:59 AM
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Good!! That's what I thought! I'm no CPA, but man...I like to at least think I have SOME accounting knowledge.
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 Matymus Prime Lincoln, NE Excelsior College B.S. General Business ~105 Credits down - 15 to go~
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