A bank loans Danuta's Ice Cream $190,000 to remodel a building near campus to use as a new store. On their respective balance sheets, this loan is

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dreamxette2755 dreamxette2755

10-03-2022
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A bank loans Danuta's Ice Cream $190,000 to remodel a building near campus to use as a new store. On their respective balance sheets, this loan is

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-03-22T12:16:11+01:00

On their respective balance sheets, this loan is: an asset for the bank and a liability for Danuta's Ice Cream.

What is loan?

Loan can be defined as the money a mortgage bank or financial institution lend out to a borrower.

Based on the given scenario on the balance sheet the loan amount this loan is an asset for the bank and a liability for Danuta's Ice Cream and the loan amount will as well increases the money supply.

Inconclusion on their respective balance sheets, this loan is: an asset for the bank and a liability for Danuta's Ice Cream.

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