If a company borrows money from a bank and signs an agreement to repay the loan several years from now,in which account would the company report the amount borrowed?

Question

Quizplus · Accepted Answer

The amount borrowed from the bank is considered a debt and would be reported in the Notes Payable account. This account tracks the amount of debt the company owes and when it is due to be paid back.

If a Company Borrows Money from a Bank and Signs