Ask Experts Questions for FREE Help !
Ask
    malccounting's Avatar
    malccounting Posts: 11, Reputation: 1
    New Member
     
    #1

    Dec 31, 2010, 02:13 PM
    Double Entry Bookkeeping
    If I took over a business and assumed a debt of $8000 how would I record this as a journal entry

    My Loan Payable Credit would be $8000 but what is my offsetting account when I do not actually have that $8000 nor can I track it to anything?
    daveyg's Avatar
    daveyg Posts: 4, Reputation: 1
    New Member
     
    #2

    Dec 31, 2010, 03:31 PM
    That could go against an equity account such as opening balance equity or owners investment as or your start date.

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!

Journal Entry / Double-entry software needed [ 5 Answers ]

Hi, I am looking for a good software to use for daily journal entries and adjustments, that will allow me to create at least a balance sheet & income statement and perhaps a few reports (like inventory, accounts receivables). I need a real double-entry & simple reliable software. Peachtree &...

Double entry principles [ 1 Answers ]

Name and discuss, with relevant examples, five (5) categories of accounts.

Double Entry [ 4 Answers ]

Can anyone please help me with this problem. I tried and tried. :mad: July 1. Bills are sent to clients for services provided in June in the amount of $800. July 8. First Bank loans the company $2,500. The company will pay back the loan in August. July 9. Office Supply Corp. delivers...

Double entry [ 1 Answers ]

What is the double entry principle?


View more questions Search