I have a similar issue. The owner purchase a Mercedes Benz Sprinter van in 1/2020. He has made all of the payments from his personal account. The purchase price was $77,138.34. He made a down payment of $26,500. The balance left was $50,538.34

Live Bookkeeping made the following entries:

1/24/2020

Credit: Sprinter Loan Payable $50,638.34

Debit: Sprinter Asset $50,638.34

Credit: Owner's Investment $26,500

Debit: Sprinter Asset $26,500

They made a second entry to reverse the one above.

1/31/2020

Debit: Sprinter Loan Payable $50,638.34 

Credit: Sprinter $50,638.32

Debit: Owner's Investment: $26, 500 

Credit: Sprinter:$26,500

They also made a duplicate entry to this one.

These entries left a balance of 0.00 in the Loan Payable account and in the Sprinter Asset account.  Is this all correct?