nineslady
Sep 25, 2008, 05:44 PM
The treasurer of Wilson Sales Co. Patrick Axle, borrowed $50,000 from the company and placed a note in his desk drawer, promising to repay the loan. However, Patrick did not record the loan on the company's books, and therefore did not report the loan on the company's balance sheet.
Should Patrick have borrowed the money from Wilson Company? Should the loan be recorded and reported on Wilson Company's balance sheet? If so, in what kind of account should the loan be recorded?
Should Patrick have borrowed the money from Wilson Company? Should the loan be recorded and reported on Wilson Company's balance sheet? If so, in what kind of account should the loan be recorded?