Dawes Pty Ltd Borrowed $10 000 from a Finance Company,promising $\quad$

question 48

Short Answer

Dawes Pty Ltd borrowed $10 000 from a finance company,promising to repay the debt in 3 years' time,together with interest at 12% p.a.Dawes Pty Ltd should record this transaction as:
A. DR Cash $\quad$ CR Loan $\quad$ CR Interest payable


B. DR Loan $\quad$ CR Cash

C. DR Cash $\quad$ DR Interest expense $\quad$ CR Loan

D. DR Cash $\quad$ CR Loan

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Definitions:

Theory Of Mind

The skill to identify and attribute one's own and others' mental states, including beliefs, intents, desires, emotions, and understanding, realizing that others possess different beliefs, desires, and intentions.

Autism Spectrum Disorder

A range of neurodevelopmental conditions characterized by difficulties in social interaction, communication, and restricted, repetitive patterns of behavior or interests.

Concrete Operational

A stage of cognitive development in children, as proposed by Piaget, where they are able to think logically about concrete events.

Autism Spectrum Disorder

A disorder affecting development that manifests as challenges in communicating and interacting socially, along with limited and repetitive ways of thinking and behaving.