I have a long term liability account from a previous loan. My bank increased this loan for more money. How do I make the transaction to show the increase on this liability account.
I tried to do a deposit but it also increased my checking account amount
Answer:It seems like your bank just increased your long-term loan limit but you have not used it yet. Is this correct? If so, normally you do not need to anything at
this point unless it’s important to disclose that amount in the Balance Sheet