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- Tue Feb 11, 2014 10:59 am
- Forum: Accounting
- Topic: Mortgage Payments on Income & Expense Statement
- Replies: 1
- Views: 1045
Mortgage Payments on Income & Expense Statement
We have a mortgage loan that I have recorded as a long-term liability in our General Fund. Recently I used the transfer accounts to transfer money from our Building Fund into our General Fund for making a principal payment. In the General Fund, I credited the checking account and debited the Mortgag...