Entering payments for the Bill I created

HI,

Please help SOS

I entered our bank loan in general Journal:

Equipment purchased amount in Debit column, I created Fixed Asset Account

Bank loan equal amount in Credit column, I created Long Term Liabilities Account

In our balance Sheet, the balance is doubled?

 Transaction Type       Debit       Credit              Balance

  General Journal         0.00        25,000.00       50,000.00

  Spend money           900.00         0.00           49,100.00  (entered in Bank loan-Long term liabilities as payment)

Why is the Balance in double amount?

Even if we already paid the total bank loan, it will appear in the Balance Sheet that we still owe $25,000

Please help, I want to enjoy my Christmas without this issue.

Hi Tracy,

The loaned money went straight to the supplier where we bought the equipment, so I did not create Receive Money. I created General Journal and my problem is why is it in our Balance Sheet the outstanding amount doubled? Even if I have entered the full payment in Spend Money, the Balance Sheet still shows we owe the full principal amount.

Thanks,

Shepai