Debit Notes Payable $10,500 ; debit Interest Expense $84; credit Cash $10,500
A company's short-term source of funding is called a Cash Credit (CC). In other words, a cash credit is a brief loan that a bank provides to a business. It allows a business to take money out of a bank account without maintaining a credit balance. The maximum amount that can be borrowed from the account is that amount. A cash credit loan enables businesses to take out as many cash advances as they need, up to the pre-determined borrowing limit, from their bank account. However, only the amount borrowed is subject to interest; the whole borrowing (credit) limit is not.
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