I had a long term liability showing on my balance sheet that should not have been there. It was from our line of credit and showed a negative amount. I found out that it should be an asset, instead, since it is money we have access to, so I made that change. Now I need to remove it completely, as we are closing the line of credit. I marked the account as inactive, but it still shows as an asset on my balance sheet.
How do I remove it completely? I'm not sure what the contra account would be.
Thank you!!
