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Term loan jornal entries
Bommidalapr_12
Mar 4, 2009, 07:49 AM
I am availing bank term loan for purchase of machinery . What are the journal entries for the above transaction in my books?
codyman144
Mar 4, 2009, 08:04 AM
Db Machinery
Cr Notes Payable (or Loan Payable whatever you want to call it)
Or is there is also cash being paid you would credit that also.