Hello everyone. Kind of new to business, but I am learning about balance sheets and have learned that Assets=Liabilities + Equity (maybe I should be posting in the accounting sub :-)
So I have a business loan and my bookkeeper shows what I owe on the loan in the liabilities section. My brain wants to find the amount that I have paid off of the loan in the Equity section, but all I see are things like retained earnings and unrealized gain/loss. Should the money that I paid (loan principle) be in the equity section of the balance sheet?
Thank you.
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