if a business pays $1,000 toward its bank loan, which of the businesss accounts will be debited?\ncash…

if a business pays $1,000 toward its bank loan, which of the businesss accounts will be debited?\ncash equivalents\nbank loan\naccounts receivable

if a business pays $1,000 toward its bank loan, which of the businesss accounts will be debited?\ncash equivalents\nbank loan\naccounts receivable

Answer

Answer:

Bank Loan

Brief Explanations:

When a business pays towards its bank - loan, the bank loan liability decreases. In accounting, a decrease in a liability account is debited. So the bank loan account will be debited.