I bought an equipment using a credit card and is currently paying it off. Where will my credit card fall under -a cost of goods, expense account or loan? Wouldn’t that make the credit card as the vendor?
I am assuming that you are using an accounting software package. You will need to create a new account for that card and set the credit card company as vendor. Charges to the credit card should originally be recorded either to an expense account or a capital account. When you start paying off the card, you may book everything to the credit card account except for the interest expense.