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Updated 10 months ago,

Charlie Phillips's profile image
Charlie Phillips's profile image
Charlie Phillips
  • Member since Dec 26, 2022
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Charlie Phillips's profile image
Charlie Phillips's profile image
Charlie Phillips
  • Member since Dec 26, 2022
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Charlie Phillips
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Personal Finance

Accounting journal entry for taking out 2nd mortgage on rental property

Charlie Phillips
Posted

Hello,

I recently took out a 2nd mortgage on a rental property and I am unsure of how to record the set up the journal entry in my accounting. The mortgage was in the amount of $75K and the cash amount received was $64K. Any help would be greatly appreciated! Thanks!

Charlie

Columbus, Ohio
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