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    kimd82414's Avatar
    kimd82414 Posts: 1, Reputation: 1
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    #1

    Oct 23, 2014, 09:57 AM
    Final loan payment left balance; what is my journal entry to zero out loan
    I made the final payment on a loan. There is a .03 balance. How do I adjust for the .03 balance.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Oct 25, 2014, 02:30 AM
    You have heard of materiality, haven't you? No matter what account you transfer the amount to, it is immaterial but for the sake of accuracy transfer it to loan repayments with the notation adjustment.
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