Transferring Assets & Liabilities with Journal Entry ONLY

Old Company file

Credit Owner's Equity (total amount of liabilities and assets)

Debit Liabilities, another Debit "bad debt" (i'm assuming that its a negative asset since you mentioned that they are bad debts).

**do the reverse on the new company

How do I record with a JE that the owner is taking over corporate debt personally?

and removing the debt from the s corp balance sheet forever so the sole owner pays that debt going forward. 

Using simple logic. you're transferring NCL to Owners Equity; as bother are a separate legal entity.

Hence, Dr the Corp NCL (which reduces the value to zero) and Cr the new Owners Equity(capital contribution to close them(loan).

Kinda Looks like this (depending on the ledger you've named) ;

Bank Loan (NCL) a/c Dr 100,000

           To Owners Equity (loan Closure) a/c Cr 100,000

(Loan closure by additional Capital contribution)

Monthly the Owner will be settling the dues out of his profit drawings.

Owners Drawings a/c Dr 500

                        To Bank a/c   Cr. 500

(Profit Drawings)

Owners Equity (loan closure) ac Dr. 500

                       To Owners Drawings a/c  Cr. 500

(Repayment of Loan- adjustment entry)

PS- I am still a student and this is as per my understanding's. Please correct me, if I was wrong.