Short-term Bank Loans
Code: 2191
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Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Bank loans due within the following twelve months, including the current portion transferred from a long-term bank loan when preparing the financial statements.
Common Journal Entries
Receive short term bank loan
Dr. Bank Account
Cr. Short Term Bank Loans
Repay short term bank loan
Dr. Short Term Bank Loans
Cr. Bank Account
Renew short term loan
Dr. Short Term Loans (Old)
Cr. Short Term Loans (New)
Reclassify long term to short term
Dr. Long Term Bank Loans
Cr. Short Term Bank Loans