Refund from Bank Loan

by Vik
(Toronto, Ontario, Canada)

How do I book the cash from a bank loan rebate?

How do I book the cash from a bank loan rebate?


My question is that on a Line of Credit account I have, I received a "Rebate" for $500.00 from the bank. So basically $500 reduced from the loan. Now I don't know how to account for this in a double entry bookkeeping system. Any advice?

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Holy Smokes, it's raining money! I'm coming to Toronto!

All joking aside, if it was me, I would book the amount to other income.

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