Hi all
I am working on my assignment. I am required to prepare journal and general ledger. I have done the journal and it balances. I am given extra information opening balances.
1. Cash at Bank
2. Accounts receivable
3. Medical Equipment
4. Office Supplies
5. Medical Supplies
6. Accounts payable
7. Bank loan

I have credited transactions from 1 to5 under owner’s contribution and debited 6 &7. But I can’t balance it. Just want to know what I have done wrong. How do i start ?

Thanks
Guysaa

morgaine300

The first problem is that these aren't "transactions." They are accounts. They can have a debit or credit balance. 1-5 are all assets, not owner's equity. Assets are also debits, not credits. And liabilities are credits.

I really am not even sure what it is you're attempting to do here. You said you must prepare a journal. There is no journal here, nor any transactions or entries. Just a list of accounts.