If a company obtained a bank loan, it would record that it received a(n) revenue in exchange for a(n) liability .

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31-01-2022
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If a company obtained a bank loan, it would record that it received a(n) revenue in exchange for a(n) liability .

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Martebi Martebi · Answer 1 · 2022-02-09T10:38:42+01:00

There are different kinds of loans. If a company obtained a bank loan, it would record that it received asset revenue in exchange for an Asset.

Is loan received a revenue?

Loans can be gotten from shareholders or any other person. They are

not grouped as revenue.

When loan is said to be received, the cash is known or regarded as an asset of the borrower.

Assets are known to be cash, accounts receivable, supplies, etc.

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