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Consolidation loan entry
What is the journal entry for combining two loans into one? I have researched my accounting books with no luck. HELP! Thank you. The amounts of the existing loans does not equal the amount of the new loan and I realize there is interest included in these amounts, but where do I put the additional interest?
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That's not really enough detail to give you a really good answer. But it appears that you're meaning the old loans have accrued interest which has not yet been paid, and that they rolled it into the new load.
If that's correct, the accrued interest would have to be recorded as interest expense. |
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