How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2557
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

I am trying to make a journal entry for a refinanced

Customer Question

I am trying to make a journal entry for a refinanced commercial mortgage. The old loan was paid off and a new loan with separate bank was created. However the old loan was never recorded on the balance sheet. I am trying to make a journal entry for the new loan transaction. The total payment was 461,648. The new loan amount is 434,000.00 and the remaining balance was paid using a personal loan. We paid 18,096 in interest during the refinance. How do I account for this?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: I need to know how to make the journal entries an how to expense the interest paid during the refinance.
Submitted: 13 days ago.
Category: Finance
Expert:  PDtax replied 13 days ago.

Hi from just answer. I'm PDtax. I'll assist.

Customer: replied 13 days ago.
Customer: replied 13 days ago.
I don't want to switch to a phone call.

Related Finance Questions