Shanna Engel started up a new nonprofit organization in 2013 named Concern for A

Question

Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats+(CASH). The organization places homeless animals in permanent homes. Transactions during the first month of operations were as follows: 1. Borrowed $ 50,000 from a local bank. No interest is due on the loan
Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats+(CASH). The organization places homeless animals in permanent homes. Transactions during the first month of operations were as follows: 1. Borrowed $ 50,000 from a local bank. No interest is due on the loan
Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats+(CASH). The organization places homeless animals in permanent homes. Transactions during the first month of operations were as follows: 1. Borrowed $ 50,000 from a local bank. No interest is due on the loan
Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats+(CASH). The organization places homeless animals in permanent homes. Transactions during the first month of operations were as follows: 1. Borrowed $ 50,000 from a local bank. No interest is due on the loan

Explanation / Answer

Borrowed $ 50,000 from a local bank

Journal Entry for this transaction is mention below:

Cash Account ................... $50,000 (Dr.)

To Bank................................................ $50,000 (Cr.)

This transaction is recorded in balance sheet of comapny as liability of company increase by $50,000 and at same time cash on assets side increase by $50,000.

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