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Select the correct answer.

Krugman Tractors and Heavy Machinery borrowed money from Atlantis Bank. What is Atlantis Bank's type of account in Krugman's books of accounts?

A. Proprietor
B. Investor
C. Debtor
D. Creditor

Sagot :

GinnyAnsweridn

Final answer:

In business accounting, the correct account type for a loan received by Krugman Tractors and Heavy Machinery is a creditor account.


Explanation:

Creditor is the correct answer in Krugman Tractors and Heavy Machinery's books of accounts. When Krugman borrowed money from Atlantis Bank, Krugman became the debtor, and Atlantis Bank became the creditor. The loan Krugman received from Atlantis Bank is a liability on Krugman's books.


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