Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Journal Entry for long term liability (https://www.askmehelpdesk.com/showthread.php?t=79466)

  • Apr 5, 2007, 08:12 AM
    lvennes
    Journal Entry for long term liability
    We got a loan to purchase equipment. What is the journal entry to book the loan and equipment?
  • Apr 5, 2007, 02:02 PM
    CaptainForest
    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

    • All times are GMT -7. The time now is 07:04 AM.