Another accounting question?
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the bank sent a memo informating b.fenato that $350 had been taken out of the business bank account to pay for interest on the bank loan. (open a new account numbered 507 for interest expense) So you put $350 on debit of Interest expense , what goes on credit?
Another accounting question?For most accounting classes, the first answer is correct. In real life, whatever account represents the bank account that was charged.
Another accounting question?Cash
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