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General Accounting Discussions: Journal entries for purchased equipment

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    • CommentAuthormasalinas
    • CommentTimeOct 22nd 2009
     
    Company purchased a piece of equipment from a finance company, which they paid cash. In order to retrieve cash flow, company received a loan from same finance company several months later, however, at a lower amount than the original purchase amount. Original amount was posted as an asset. Not certain how to handle the latter -- post the loan as income from loan or simply as a note payable and not show it on the Income statement? Suggestions please.
    Thankful People: bledford001

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