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lmpc211
Apr 13, 2007, 10:05 AM
How do you record this accounting transaction on the T-Account?

An entrepreneur applies for a bank line of credit and is granted a $100,000 line of credit. Entrepreneur pays bank fees of $6,500 by company check.

I'd like to know how to record the above transaction in a T-Account.

CaptainForest
Apr 13, 2007, 09:55 PM
Dr. Financing Charge/Expense 6,500
Cr. Cash 6,500