Question

WHat should I do beginning in assets income and expense account​

Answer 1

Answer:

The specific case that I'm considering is how to specify the account

opening balances as a result of a loan to a friend after that friend

has already made one or more payments, each of which includes both

interest and principal. For example, suppose that in January of this

year I loaned $500 to a friend and since then, my friend has already

repaid $200 plus $10 in interest. How do I specify the opening

balance transaction on May 1 so that I take both the principal and

interest payments into account?

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