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rosiegirl00
Feb 26, 2012, 03:00 PM
I invested $5000 in a business.
Bought office furniture on account for $1800
Made payment on account for furniture.

How do I do these transactions? Could you please explain

pready
Feb 26, 2012, 04:13 PM
Debit Cash for 5,000
Credit Onwers Capital for 5,000

Debit Furniture for 1,800
Credit Accounts Payable for 1,800

Debit Accounts Payable for 1,800
Credit Cash for 1,800