Sunny Sky paid $30000 cash for a piece of land to be used for a new corporate headquarters building. The journal entry to record this transaction will include a $30000 Credit to cash and Debit to land.
A corporation can obtain short-term finance using Cash Credits (CC). To put it another way, a cash credit is a brief loan given to a business by a bank. An organisation can use it to withdraw funds from a bank account without maintaining a credit balance. Only loans up to the borrowing limit are permitted from the account.
A short-term business loan known as cash credit is given to companies to maintain their working capital, whereas overdraft facilities are given to companies and people who want to withdraw more money than their available bank account balance.
To learn more about credit to cash visit:
https://brainly.com/question/17439772
#SPJ4
