another accounting question?

Question

the bank sent a memo informating b.fenato that $350 had been taken out of the business bank account to pay for interest on the bank loan. (open a new account numbered 507 for interest expense) So you put $350 on debit of Interest expense , what goes on credit?

Answer 1

For most accounting classes, the first answer is correct. In real life, whatever account represents the bank account that was charged.

Answer 2

Cash