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Your uncle repays a $150 loan from Tenth National Bank (TNB) by writing a $150 check from his TNB checking account. Assume these funds are the only loans and deposits available for your uncle and the bank.

Required:
Write the T-account table.

Respuesta :

Answer: See explanation

Explanation:

The T-account for your uncle before the loan is repaid will be:

Your Uncle:

Assets: Bank accounts $150

Liabilities: Loan $150

Tenth National Bank

Assets: Loan and advance $150

Liabilities: Deposits $150

The T-account and TNB for your uncle after the loan is repaid will be:

Your Uncle

Assets: Bank account $0

Liabilities: Loan $0

Tenth National Bank

Assets: Loan and advance $0

Liabilities: Deposits $0

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