If I took over a business and assumed a debt of $8000 how would I record this as a journal entry
My Loan Payable Credit would be $8000 but what is my offsetting account when I do not actually have that $8000 nor can I track it to anything?
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If I took over a business and assumed a debt of $8000 how would I record this as a journal entry
My Loan Payable Credit would be $8000 but what is my offsetting account when I do not actually have that $8000 nor can I track it to anything?
That could go against an equity account such as opening balance equity or owners investment as or your start date.
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