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08-01-2024
Business

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If a business receives a loan for $40,000, which account will you debit and which account will you credit?

A) Debit: Cash, Credit: Loan Payable
B) Debit: Loan Payable, Credit: Cash
C) Debit: Accounts Receivable, Credit: Loan Payable
D) Debit: Loan Payable, Credit: Accounts Receivable

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