What happens in terms of debits and credits when paying off a loan with cash? A debit to Revenue and a credit to Cash. A credit to Loans Payable and a debit to Cash. A debit to Loans Payable and a credit to Cash. A debit to Cash and a credit to Revenue.
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The transaction is "paying off a loan with cash." This involves two accounts: "Loans Payable" and "Cash." Show more…
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