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Cash Out Refi Closing Costs on the General Ledger
On a Cashout Refi, how do we account for closing costs on the general ledger?
Property A was refinanced. Property B was purchased. Both are rentals.
The proceeds from the property A loan paid for the property A closing costs. The Property A loan proceeds also supplied the down payment and paid for the closing costs of property B. No cash was taken in pocket from the closing table.
What is the debit and credit for the closing costs of Property A?
What is the debit and credit for the closing costs of Property B?
Thank You.
Bryan