Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Accounting I - Practice Set (https://www.askmehelpdesk.com/showthread.php?t=39219)

  • Oct 26, 2006, 11:08 AM
    black_label_29
    Accounting I - Practice Set
    I am taking Accounting I, this is my first time dealing with accounting. I am currently working on my practice set and I need help with a journal entry. This is very base... sorry for my stupidity. Here is the journal entry: "feb. 16 - Company receives business loan from First Bank Corp. for $10,000". So, I debit Cash because I am receiving $10,000... but what do I credit? My mind is a complete blank right now. Thanks guys!
  • Oct 26, 2006, 06:52 PM
    dxviii
    Quote:
    Originally Posted by black_label_29
    I am taking Accounting I, this is my first time dealing with accounting. I am currently working on my practice set and I need help with a journal entry. this is very base...sorry for my stupidity. here is the journal entry: "feb. 16 - Company receives business loan from First Bank Corp. for $10,000". So, I debit Cash because I am receiving $10,000...but what do I credit? My mind is a complete blank right now. thanks guys!
    You are right... Debit Cash, then Credit Notes Payable.
  • Oct 26, 2006, 07:01 PM
    black_label_29
    Ahhh, yes! Haha, thanks... I knew that! ;)

    • All times are GMT -7. The time now is 03:46 PM.