Ask Experts Questions for FREE Help !
Ask
    fluffee1@hotmail.com's Avatar
    fluffee1@hotmail.com Posts: 2, Reputation: 1
    New Member
     
    #1

    May 11, 2006, 12:58 AM
    Owner's Equity
    Im having a problem.
    I have an account set up as contributions, drawings, and personal use of home accounts. I have a retained earnings and current earnings and total equity account.
    My question.I made some errors and have corrected them. I put entries in the retained earnings that shouldn't have been there but now have posted them to contributions where they should be. These entries were for 2005.
    Now I want to clear my contributions out to zero but don't know how to do it, so that my retained earnings is reading correctly.
    Here are some figures for example.
    Contributions has a credit balnce of 100,000.00
    Drawings dr balance of 12500.00
    Personal use dr balance 2725.00
    How do I clear these contributions to zero. I think I would debit contributions with a journal entry but what do I credit. Thank you for your help
    arunavcd's Avatar
    arunavcd Posts: 89, Reputation: 3
    Junior Member
     
    #2

    May 13, 2006, 03:27 AM
    Please, show us the full question. You didn't define what kind of problem you are having.
    Thanks.
    fluffee1@hotmail.com's Avatar
    fluffee1@hotmail.com Posts: 2, Reputation: 1
    New Member
     
    #3

    May 15, 2006, 10:35 PM
    Its been answered thak you. Thanks for your help anyway

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Assets, Liabilities and equity [ 4 Answers ]

I need to know if this is correct, if its not an explanation would be great :) I'm not an accounting student, just taking it for GE and I'm just confused.. Indicate where each tansaction causes an increase (+), decrease (-) or no change (NC) in assets, liabilities and equity (type of...

Home Owner's Insurance and New Roof [ 9 Answers ]

I need a new roof on my home. Can I use my homeowners insurance for a new roof? And, if so, with insurance companies the way they are these days, would their be a chance that they would drop me if I do this? Thanks

Owner's equity [ 1 Answers ]

I have to do t-accounts, trial balance,income statement, owner's equity and a balance sheet on an example the teacher gave us. I completed the t-accounts and the trial balance. They are correct, but, I am stubled on the income statement and the owner's equity. I don't know how to figure if it was a...


View more questions Search