You can take a distribution is your equity section is positive since S-Corp earnings will run through your personal return. Set up an equity account and call it...
You receive the full payment of $1000. Make a bank deposit. The $1000 should be in undeposited funds. Drop down a line on the bank deposit and enter bank/mercha...
Create an income account and call it Balance Forward, Prior balance or whatever you want to distinguish this account. It should be listed as the first income ac...
You treat the loan payoff as cash received from the purchaser. You journal entry would look something like this. I am using $10K as the accumulated depreciation...
