0
Add your answer:
Earn +20 pts
How do you record a bank loan in accounting?
Debit cash / bankCredit loan from bank
How do you record a loan using accrual basis accounting?
cash------debit Account payable----Credit
Is cash in bank reported in cash flow statement?
The balance of a bank loan is a liability item on a balance sheet (or net worth statement). The principal and interest payments used to repay the bank loan are cash outflows (debt expenses) on a cash flow statement.
How do you record in a manual accounting system the transaction of buying equipment from say company A for 32500incl and paying a deposit of 6000 and borrowing the balance from the bank. Help please?
[Debit] Equipment 32500 [Credit] Cash 6000 [Credit] Loan from bank 26500
What journal should be used to record borrowed cash from a bank?
[Debit] Cash / bank [Credit] loan from bank
Where can you find a loan finder?
One could find a loan finder at perhaps a bank with people specialized in loans. Or one could go to an accounting firm and speak to a professional in the field of accounting and finance
What happens when a car payment go into default for the cosigner?
The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.
What would be the accounting journal entries for 45000 loan at 9 interest for ninety days?
Debit cash / bank 45000Credit loan account 45000
What is the journal entry to record loan received?
debit cash /bankcredit loan payable
What is the accounting journal entry to record loan fees amortized?
Debit: Deferred loan origination fees Credit: Interest income
How do you record loan using cash basis accounting?
When the money for the loan is received it is recorded as cash. Payments are not recorded until the actual payments are sent out. This will be recorded as a debit to a loan expense account and credited directly to cash. The interest is debited directly to an interest expense account and credited directly to cash for the same payment. A compound entry can be used for this purpose. There is no loan payable or interest payable accounts for cash basis accounting.
How do I get a small business started?
you can check out this website http://www.sba.gov/ or you can go to your local bank and ask them about loan information and or accounting information.
