How do I make a general journal entry for expenses the owner has paid out of his pocket?
This is a new business and beginning capital came from an invoice to a customer and not the owner.
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How do I make a general journal entry for expenses the owner has paid out of his pocket?
This is a new business and beginning capital came from an invoice to a customer and not the owner.
The expense which is made is debited and the owner capital is credited! Because he is contributing in the business from his pocket so it is his capital!
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