Dawes Pty Ltd borrowed $10 000 from a finance company,promising to repay the debt in 3 years' time,together with interest at 12% p.a.Dawes Pty Ltd should record this transaction as:
A. DR Cash $\quad $ CR Loan $\quad $ CR Interest payable

B. DR Loan $\quad $ CR Cash

C. DR Cash $\quad $ DR Interest expense $\quad $ CR Loan

D. DR Cash $\quad $ CR Loan

Question

Dawes Pty Ltd borrowed $10 000 from a finance company,promising to repay the debt in 3 years' time,together with interest at 12% p.a.Dawes Pty Ltd should record this transaction as:
A. DR Cash  $\quad $ CR Loan $\quad $  CR Interest payable

B. DR Loan  $\quad $ CR Cash

C. DR Cash  $\quad $ DR Interest expense $\quad $  CR Loan

D. DR Cash  $\quad $ CR Loan

Quizplus · Accepted Answer

The Answer of Dawes Pty Ltd borrowed $10 000 from a finance company,promising to repay the debt in 3 years' time,together with interest at 12% p.a.Dawes Pty Ltd should record this transaction as:
A. DR Cash  $\quad $ CR Loan $\quad $  CR Interest payable

B. DR Loan  $\quad $ CR Cash

C. DR Cash  $\quad $ DR Interest expense $\quad $  CR Loan

D. DR Cash  $\quad $ CR Loan

Dawes Pty Ltd Borrowed $10 000 from a Finance Company,promising \quad

Dawes Pty Ltd Borrowed $10 000 from a Finance Company,promising $\quad$