Journal entry for refinacing

kalps Posts: 2, Reputation: 1

New Member

Feb 7, 2012, 12:04 AM

Journal entry for refinacing

Existing car loan $33,000
New car purchased $70,000
New loan $ 37,000
Total loan balance $70,000

Car purchased cost $65,000 Dr
Car loan $70,000 Cr

What entry should I use to close the $33,000 loan?
Can someone help please?

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