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Business, 14.10.2020 14:01 sjsmith21

Geoffrey brought $50,000 into his business at the start of the accounting period. During the year, he needed $5,000 for a personal emergency. He borrowed this money from the business’s accounts. Under which accounting heads will the business record these transactions? Geoffrey’s business will credit $50,000 to the account and debit $5,000 from the account.

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