Loan Penalties Payable

Penalties Payable

Penalties Payable

Can I record in the books penalties for bank loan payable which are not yet paid?

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Dec 05, 2017
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Recording Loan Penalties
by: Anonymous

Yes, you can record penalties in your books for a bank loan payable even if they are not yet paid. You will just need to do an adjusting entry at year end to make sure that the total matches to actual.

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