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Explanation of the business event

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For each journal entry, prepare an explanation of the business event that is being
represented:

a. Loan payable $35,000
Cash $7,000
Car $28,000

b. Accounts payable $13,450
Cash $13,450

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A explanation of a business event is determined.

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For each journal entry, prepare an explanation of the business event that is being
represented:

a. Loan payable $35,000 ...

Solution provided by:
Sonia Agarwal, CA
Education
  • Chartered Accountant (Equivalent to CPA in US), Institute of Charted Accountants of India
  • Bachelor of Commerce, West Bengal University
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