State the assets, liabilities and equity for the following question. Make sure to provide the associated...
State the assets, liabilities and equity for the following question. Make sure to provide the associated account too. Provide an explantation for your answers as well. Remember l+e=a. It should be in the following format:
A:
L:
E:
Debit:
Credit:
- June 1. Borrowed $150,000 from the bank on a 3-year Note Payable with 8% interest.
Homework Answers
Answer
- June 1 Transaction
When $ 150,000 will be borrowed, it
will have two effects:
#1 Cash will increase by the amount of borrowing, and
#2 Notes Payable balance will increase.
Cash is an Asset, while Notes Payable is a Liability.
- Answer
|
Asset |
= |
Liabilities |
+ |
Equity |
||||
|
Jun-01 |
Cash |
$150,000 |
= |
Notes Payable |
$150,000 |
|||
Account to be debited = Cash
Account to be credited = Notes payable
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