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  • Mar 19, 2009, 06:29 AM
    pccjp
    Journal Entry for a forgivable loan
    Our pastor was given a mortgage assistance loan. For each year of service $2K is forgiven. How would I set this up?
  • Mar 21, 2009, 01:57 AM
    ROLCAM

    Assuming the Pastor has three year's service.

    DEBIT Loan Assistance Expense $6,000
    CREDIT Pastor's Motgage Account $6,000

    Being the forgiveness on the
    Pastor's Mortgage Account.

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