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    cindymike's Avatar
    cindymike Posts: 1, Reputation: 1
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    #1

    Jun 14, 2012, 05:12 PM
    Journal entry question
    I need to book a loan payable.

    It was cash which was spent so I never deposited any money.

    If I credit loan payable what do I debit?

    Draw or contribution?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Jun 14, 2012, 05:58 PM
    Quote Originally Posted by cindymike View Post
    I need to book a loan payable.

    It was cash which was spent so i never deposited any money.

    If i credit loan payable what do I debit?

    draw or contribution?
    What did you do with the money, did you generate an asset or expense of the business or use a business laon for personal expenditure?
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