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What is the affect of the transactions on the balance sheet

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Reference no: EM132489022

borrow $75,000 to buy a company.

Borrow money Part:

Cash Dr 75,000

Loan Cr 75,000

Buy company part:

Cash Cr 75,000

Expense Dr 75,000

Question 1: What is the affect of these transactions on the balance sheet?

Borrow money Part: Asset Cash increase and Liabilities Borrowing increase

Buy company: Asset Cash will Decrease but what is the effect of the expense on the balance sheet?

Reference no: EM132489022

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