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View Full Version : Final loan payment left balance; what is my journal entry to zero out loan


kimd82414
Oct 23, 2014, 09:57 AM
I made the final payment on a loan. There is a .03 balance. How do I adjust for the .03 balance.

paraclete
Oct 25, 2014, 02:30 AM
You have heard of materiality, haven't you? No matter what account you transfer the amount to, it is immaterial but for the sake of accuracy transfer it to loan repayments with the notation adjustment.