Leorah W.

asked • 12/15/20

accounting question need ASAP

Stear Corp. has taken a loan of $750,000 from a bank. The company's accountant enters the details of the transaction in the journal. The transaction needs to be posted in the ledger. In which accounts will the accountant record this entry?

1 Expert Answer

By:

Janelle T. answered • 12/16/20

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The Accountant for Stear Corp posts the transactions to Cash and Loans Payable. The company is getting cash from the bank that they can start using today and that they are going to pay the bank at another time. Hope that helps!


Happy Bookkeeping,

  1. Janelle
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