Content Expanding the accounting equation Revenue Accounts What is double-entry bookkeeping? Unbalanced Transactions Additional Accounting Equation Issues A loan from the bank is more specifically called a note payable. Represents a customer’s advanced payment for a product or service that has yet to be provided by the company. This increases the cash account by $120,000, Read more about Introduction to bookkeeping and accounting: 3 2 The effect of profit on the accounting equation Open University[…]