Business College

F brown lent us 4000 giving us the money by cheque​

Answers

Answer 1

Answer:

See below

Explanation:

This transaction is affecting the bank's balance and F brown accounts. It is increasing the bank balance( asset account) by 4000 and increasing accounts payable/F brown ( liabilities account) by 4000.

An increase in assets is debited while an increase in liabilities is credited.

The journal entry will be

Bank A/c Dr.  4000

F brown A/c           4000

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