@aaaccounting
IMO, the loan should have offset the rest of the purchased assets, assuming it was an asset sale. For example, a very basic business asset purchase journal entry (JE) would look something like this:
| | Debit | Credit |
| Assets purchased (various asset accounts) | XXX | |
| Cash (down payment) | | XXX |
| Loan payable (SBA loan) | | XXX |
If the asset sale was recorded with a credit to the Owner Investments equity account for the amount of the SBA loan, then your JE makes sense because it will create the loan payable and reduce the equity that was overstated.
