Ask Experts Questions for FREE Help !
Ask
    susaneaton's Avatar
    susaneaton Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 26, 2012, 11:32 AM
    What general ledger account is a mortgage loan
    I want to set up a mortgage loan in the chart of accounts. How do I handle a this transaction? It is an asset?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Apr 26, 2012, 12:34 PM
    If you are taking out a loan and are making payments it will be a liability. If the loan is to be paid to you then the loan would be an asset.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How would the general ledger entry look for received cash from clients on account [ 4 Answers ]

In the amount of 12100. I have about 5 questions like that and the beginning balance for accounts payable (in the general ledger) is 7500 and with the other transactions it was looking okay but it this one is a credit then my account will be negative.

How to record Mortgage payment in General Ledger? [ 1 Answers ]

On December 1st, you make a mortgage payment of $1600. The interest on the mortgage is $200. The principal is $1400. How would you record this in the general ledger and balance sheet?

Purchase of car bank loan on ledger account [ 1 Answers ]

My company purchase a car on bank loan. I have shown as a fixed asset of the company and credit the bank loan account. BUt the car got accident and total loss. BUt the insurance has paid the after deducting the depreciation amount. Please show me the entry in the ledger to nullify the fixed...

General ledger account names [ 1 Answers ]

Is the account "cash on hand" a separate account to the "bank account/cash account" in the general ledger?:confused:

General Ledger Account for Freight [ 2 Answers ]

When purchasing merchandise from a vendor, what account should freight be charged to?

View more questions Search