323
 
New Member

is a loan considered income?

10/8/09 8:33 AM,   Viewed by asker 10/8/09 11:41 AM
Total Views: 150

is a loan considered income? Thank you

This answer marked as the solutionSolved!
Subscribe RSS
 
 
All Replies:  Answers (1)  
Allstar
 
Rating + 10
This answer marked as the solution

Solved!

10/8/09 10:08 AM

No. It is a loan. You would deposit the money into the bank and the offset would be a liability account titled loan payable. When you make payments you split the payment. Part of it goes against the liability account to reduce the balance and a portion goes to interest expense.

Marc Barnes

Find me on LinkedIn

I hope this helps you, if it is please mark this as solved or helpful. If it does not answer your question, please include more information or additional questions so we may better assist you.
 
 
 
 
 
 
Subscribe RSS
© 2009 Intuit, Inc. All rights reserved. Intuit and QuickBooks are registered trademarks of Intuit, Inc.
Terms and conditions, features, support, pricing and service options subject to change without notice.