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    sanamaly's Avatar
    sanamaly Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Nov 10, 2009, 08:25 AM
    Loan Proceeds
    Hi,
    What is the correct entry to record a loan proceed from a private lending agency with a discount fee of certain percentage charged initially with the loan proceed?

    Thanks.
    haider78605's Avatar
    haider78605 Posts: 61, Reputation: 1
    Junior Member
    		  
    #2

    Nov 10, 2009, 10:14 AM

    Cash Dr.
    Discount fee Dr.
    Loan payable Cr.
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