USA Mortgage Principal Accounting - Debit and Credits

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Our Church has a substantial mortgage.
Recently we had a “Pay Down the Principal” Drive and received $30,000 (paid a big chunk off)
We Recorded the donations to pay the principal as:
Debit to Cash $30,000
Credit to Donations $30,000
We recorded the payments as:
Debit to Mortgage Payable $30,000
Credit to Cash $30,000

The problem is that our income statement now looks like we took in $30,000 more than we spent. If we were a business it looks like we made a $30,000 profit. In reality we operate close to a break even point.
How can we record these transactions a show on our statements so as to reflect the reality of our results of operating our Church?
 
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Fidget

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Maybe I'm totally missing something here but, it looks like you've got a debit and a credit for $30k in your income statement, and a debit and a credit for $30k in your balance sheet. So everything nets off.

Have the journals gone to the right accounts?
 

kirby

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Sending you a private message.
Log in to the forum then click on the envelope icon at top
 

Fidget

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Any particular reason why you do this "sending you a private message" thing from time to time? Why not just reply on the main board?
 

kirby

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Sometimes I notice my reply is too wordy or not well written. So rather than take the time to edit it I just go private to avoid getting flak for it.
 

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