A Business Borrowed $20 000 from AXY Finance

question 48

Multiple Choice

A business borrowed $20 000 from AXY Finance.The debit and credit entries for this transaction are:

• A)Debit accounts payable $20 000;Credit loan from AXY finance $20 000
• B)Debit loan from AXY finance $20 000;Credit accounts payable $20 000
• C)Debit cash $20 000;Credit loan from AXY finance $20 000
• D)Credit loan from AXY finance $20 000;Debit cash $20 000

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