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General Accounting Discussions: General Ledger Entry

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    • CommentAuthorwinorwin
    • CommentTimeMar 4th 2008
     
    Hi, can somebody please give me a hand, how do I post the following:

    We are going to payoff a previous stockholder, the total amount due will be $70,000.00 and we are going to give $10,000.00 as a down payment the outstanding balance will be paid in the next 48 months in monthly installments. Can somebody please help enter this into the general ledger.

    Thanks !!!!!!!!!!!!
    Thankful People: learning, crthurman
    • CommentAuthorlearning
    • CommentTimeMar 7th 2008
     
    is the money for a stock purchase? if so Debit Treasury Stock (assuming it is the corporation buying the stock) $70,000.00 / Credit Loan payable. Debit Loan payable $10,000.00 (and the monthly payments there after) when you write the check.

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