Borrowing Money from the Bank Is an Example of an Asset

question 10

True/False

Borrowing money from the bank is an example of an asset source transaction.

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Definitions:

Utility Bill

A statement of charges for the consumption of utilities such as electricity, gas, water, or sewage.

General Journal

A primary accounting record used for the chronological recording of all types of transactions.

Utilities Expense

Costs incurred by a business for essential services such as water, electricity, and gas.

General Journal

A comprehensive journal that records all the day-to-day financial transactions of a company, including debits and credits.