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Updated about 2 years ago,
Trouble visualizing a journal entry
My business is the Buyer / Borrower in this new property acquisition. This is the first deal we've done where we financed more than the purchase price for rehabilitation of the property. I'm having trouble visualizing the journal entry for this transaction. Any help would be greatly appreciated!
Edit: This photo may be hard to read.... on the Buyers / Left column, we have:
Contract Sales Price: $53,000.00
Settlement Charges to Borrower: $2,487.20
Gross Amount Due from Borrower: $55,487.20
Deposit or Earnest Money: $1,000.00
Principle Amount of New Loan: $90,000.00
01/01/2022 - 11/15/2022 (Property Taxes) $1,941.53
Total Paid by/for Borrower: $92,941.52
Gross Amount Due from Borrower: $55,487.20
Less Amount Paid for/by Borrower: $92,941.52
Cash To Borrower: $37,454.32