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lvennes
Apr 5, 2007, 08:12 AM
We got a loan to purchase equipment. What is the journal entry to book the loan and equipment?
CaptainForest
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