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is a loan considered income?
10/8/09 8:33 AM, Viewed by asker 10/8/09 11:41 AM
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Total Views: 150
is a loan considered income? Thank you
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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
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