The Smith Show Events company took up a $100,000 bank loan last month. The entry to record this transaction involves:
A) Debiting 'expenses' and crediting 'cash'
B) Debiting 'cash' and crediting 'expenses'
C) Debiting 'cash' and crediting 'loan payable'
D) Debiting 'loan payable' and crediting 'money borrowed'
E) None of the above.
Correct Answer:
Verified
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