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    black_label_29's Avatar
    black_label_29 Posts: 2, Reputation: 1
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    #1

    Oct 26, 2006, 11:08 AM
    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!
    dxviii's Avatar
    dxviii Posts: 39, Reputation: 4
    Junior Member
    		  
    #2

    Oct 26, 2006, 06:52 PM
    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.
    black_label_29's Avatar
    black_label_29 Posts: 2, Reputation: 1
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    #3

    Oct 26, 2006, 07:01 PM
    Ahhh, yes! Haha, thanks... I knew that! ;)
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