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HELP! General Journal Entries for Loan
Hello,
Loan details Loan amount: $25,000 Interest: 12% per annum Loan term: 3 years Face value: $25,775.69 Face value includes $25,000 borrowed, $25 service fee and $750.69 loan insurance. General journal entry on receipt of the loan Dr. Cash $25,000 Dr. Loan Fees $775.69 Cr. Loan Payable $25,775.69 'Loan Fees' is classified as an asset account? Is that correct? General journal entry for 1st loan payment Dr. Loan Payable $547.73 Dr. Interest Expense $352.27 Cr. Cash $900 How should I amortize/record the loan fees? Thank you in advance. |
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