How would you record this in Intuit Quickbooks online? You call Martin at home and tell him

How would you record this in Intuit Quickbooks online?
 

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You call Martin at home and tell him that the bank balance is quite low. He meets with his banker at City Bank of Sacramento and explains the situation. The bank agrees to provide a $2,500 loan at 6% based on Martin's personal credit. The loan is set up to be repaid over a 12-month period ($215.17 per month including interest). You record the deposit of $2,500 into the company's checking account. TIP: You're going to need to set up a new account for this loan. Think carefully when choosing the account type. You call Martin at home and tell him that the bank balance is quite low. He meets with his banker at City Bank of Sacramento and explains the situation. The bank agrees to provide a $2,500 loan at 6% based on Martin's personal credit. The loan is set up to be repaid over a 12-month period ($215.17 per month including interest). You record the deposit of $2,500 into the company's checking account. TIP: You're going to need to set up a new account for this loan. Think carefully when choosing the account type.

Answer rating: 100% (QA)

Loan amortization schedule for 12 month period as follows Less install... View the full answer