General Journal Entry GWShaw Bank of the Pacific 143 Reef StGeneral Journal Entry GWShaw Bank of the Pacific 143 Reef St. Maui, HI 96732 To Wave Gear Description Total Small Business Loan $5,000.00 Thank you for your business!Answer & ExplanationTo create a general journal entry for the transaction...
General Journal Entry GWShaw Bank of the Pacific 143 Reef St. Maui, HI
96732 To Wave Gear Description Total Small Business Loan $5,000.00 Thank
you for your business!
Answer & Explanation
To create a general journal entry for the transaction described, we need to record
the receipt of a small business loan from GWShaw Bank of the Pacific. Here's
how you can structure this journal entry:
Date: [Insert Date of Transaction]
Account Titles and Explanation:
1. Cash (or Bank Account)
o Debit: $5,000.00
o This entry reflects an increase in cash or bank balance as Wave
Gear receives funds from the loan.
2. Loan Payable
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