Chapter 1 - Accounting Information and Decision Making
... approximately $10,000 to get the business up and going. However, you have only
$1,000 available, so you need to get funding of $9,000 elsewhere. You begin by borrowing $2,000 from a local bank, which you agree to repay a year later. Thus, the
bank is your creditor.
To raise the remaining $7,000, you ...