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    Jessmorris93's Avatar
    Jessmorris93 Posts: 1, Reputation: 1
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    #1

    Apr 17, 2012, 11:37 AM
    Journal entries made loan payment
    How do I enter this as a journal entry? This is for my accounting class..

    Dec 10th. Made a loan payment of $5,000. The payment reduced the long term note liability by $4,200 and included $800 of interest.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Apr 18, 2012, 06:43 AM
    Debit Notes Payable for 4,200
    Debit Interest Expense for 800
    Credit Cash for 5,000
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