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The phrase "acknowledged the debt" is correct and usable in written English.
You can use it when referring to someone admitting or recognizing a financial obligation or responsibility.
Example: "The company acknowledged the debt owed to its suppliers during the financial audit."
Alternatives: "recognized the obligation" or "admitted the liability."
Exact(26)
Obama acknowledged the debt.
Abramović was brought to tears, while he wordlessly acknowledged the debt he owed his subject.
"The statute of limitation applies if someone hasn't acknowledged the debt," says Lovell.
His austere citizenly dedication inspired the young Ralph Nader, who has acknowledged the debt.
Robinson always acknowledged the debt he and the United States owed to Owens and, in particular, Louis.
In the 1990s, all-women groups, such as L7, Shonen Knife and Bikini Kill, acknowledged the debt.
Similar(34)
The football authority, which receives its funding from the sports ministry, has acknowledged the debts owed to the coaches but says they will have to be patient.
Hockney would later acknowledge the debt he owed to Stafford.
In that connection, it is important to acknowledge the debt we owe President Bush.
Mr. Lee's lawyer, Dino J. Lombardi, acknowledges the debt and said it was being paid down.
The most one can hope is that they acknowledge the debt.
More suggestions(1)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com