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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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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: 1 year ago.
Category: Finance
Expert:  PDtax replied 1 year ago.

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

Customer: replied 1 year ago.
Customer: replied 1 year ago.
I don't want to switch to a phone call.