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setting up a loan for debt with money borrowed from 2 sources
I am trying to record a loan where I borrowed money to pay a lawsuit settlement. ($200,000)
I borrowed from 2 entities, a bank ($150,000) and a family member ($50,000). Both of these loans were checks which I deposited into my business checking to pay the lawsuit debt.
How do I record the check for $200,000, written to the person the lawsuit monies went to...what account should be in the expenses tab?
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