eastern bank
Tuesday, May 4th, 2010
Make the journal entry necessary to record the transaction. Help walk me through this step by step Please?
Help me I cant understand how to make a journal entry and like to see if someone could please walk me through each step on how to do a journal entry.
Journal entry that needs to be done
Impact of a Transaction the Company borrowed $85,000 in cash from Eastern Bank.
Thank you for any help given
the Company borrowed $85,000 in cash from Eastern Bank.
The company went to the Eastern Bank and borrowed $85k. So the company received cash of $85k, which it must repay in the future. Until then, the Bank remains a creditor of the company. You need to pass a journal entry:
Dr Cash $85,000
Cr Loan from Eastern Bank $85,000
EASTERN CARDINAL FLYING THRU SNOW BANK
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