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-   -   Equity account and 1120 s (https://www.askmehelpdesk.com/showthread.php?t=70745)

  • Mar 10, 2007, 03:59 PM
    yedexcol
    Equity account and 1120 s
    If I get a personal credit for $ 20,000 in order to buy a grocery store how I register in my S-Corporation those funds and how show the repayments make to the bank. How the equity account should reflect that transaction. I have to deposit the money in the corporate bank first? How will be the 1120S afected? Thanks
  • Mar 11, 2007, 10:05 PM
    AtlantaTaxExpert
    The credit is a loan; record it as such.

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