Make sure that you are accurate. C. Loan Payment Summary 1. The loan payment summary is divided into two equal parts, each of which can handle up to 12 payments. However, in most instances your loans will only have one payment. Whether one or multiple payments, this page and form should be used.
Interest paid on a loan is recorded as an expense in the journal.
D. Accounts Receivable and Payable are computed at the beginning and end of the year. Review the two sections by discussing the examples found in the record book manual. I agreed to pay back the loan on September 11, 1988. The loan was paid in full as of April 1. 5. Final payment due April 15, 1989.