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    lvennes's Avatar
    lvennes Posts: 2, Reputation: 1
    New Member

    Apr 5, 2007, 08:12 AM
    Journal Entry for long term liability
    We got a loan to purchase equipment. What is the journal entry to book the loan and equipment?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Apr 5, 2007, 02:02 PM
    Let's say the loan and equipment are both $10,000

    Dr. Cash 10,000
    Cr. Loan Payable 10,000

    Dr. Equipment 10,000
    Cr. Cash 10,000

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