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    malccounting's Avatar
    malccounting Posts: 11, Reputation: 1
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    #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
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    #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.
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