Thread: Accounting for Multiple Startup Loan Types

My wife and I have recently purchased a franchise. We are not fully
running yet as we have some franchise obligations to satisfy before we
begin receiving customers. This is important because we paid for the
franchise several months ago using a small business loan and two personal
revolving lines of credit. The credit lines were opened strictly to make
the deposit on the franchise and the bus loan to pay the balance. The
business loan was constructed to have leftover funds so we could make the
monthly payments on the lines of credit and the loan until the business is
receiving revenue.

My question comes from the Accounting side of this method of financing. I
would like to know the proper way to book the following:

1. The funding of each revolving line of personal credit used in the down
   payment. These are essentially credit cards used to transfer funds
   directly to the franchise so there was never a checking account deposit
   involved.
2. The payments made toward the revolving accounts.
3. Any equity entries that need to be made for the revolving lines.
4. The funding of the business loan. This was a deposit into the checking
   account and then a single payment to the franchise. I have booked the
   loan as a current liability.
5. The payments made toward the business loan.
6. Any equity entries that need to be made for the business loan

I realize this is asking a lot but I am in the I.T. industry and it has
been quite some time since I took Accounting in college. My wife is a
teacher with no Accounting experience what so ever.

Thank you for any guidance anyone can offer. There will likely be further
questions in the future.

M

Added 08/09/2009: We will be using cash-based accounting and, for tax purposes, we are doing business as a single member LLC.