We are purchasing adjacent land to be used in the future. We obtained a $312000 loan for this purpose. $275,000 was deposited to an interest receiving account to be used at closing on the purchase of the land.
$37,000.00 was deposited to the general checking account to be used to purchase a projector system and other general upgrades. Please advise how to correctly post this transaction.
Also, please advise how to handle interest accrued to the account.
Lastly, please advise how to handle payment for inital loan.
Posting Loan to Savings
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