Happy Thanksgiving!

Dear Zilok community, on behalf of the whole Zilok staff, we wish you a very happy Thanksgiving!! Maybe you're not ready quite yet to rent your turkey. We understand.

But if you're looking for tables, chairs to welcome your family, or fun toys to entertain the kids, like, say, an inflatable castle, come get it from your community on Zilok!

Comments

Holstein,My apologies for the deylaed response!Although the owner borrowed the money from his personal bank, he did so for business purposes. Since the company will own the equipment when it’s paid for you want to1)Add the equipment to the companies Fixed Assets and show that we owe the owner the amount of the loans. a.Debit Fixed Assets – Equipment for each piece of equipment and credit an Owner’s Loan Long Term Liability account. i.Instead of borrowing the money from the bank, we borrowed it from the owner. b.Now when you write the check(s) to the owner for the payments (that he is hopefully paying the bank), you’ll post them against the Long Term Liability account. This way you can easily keep an eye on the balance we still owe the owner.In your case the owner is basically the bank. Hope this helps. If you need more assistance, please call us directly at 503-885-0776 +2Was this answer helpful?
  • written by Isai
  • on 2012-12-09 11:57 am
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