Hi I'm just having a little trouble with journal entries help. What will be the credit when someone opens a bank account under the companies name and deposits 1000 dollars of his own money. I know its owners Equity but what account under OE section
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Hi I'm just having a little trouble with journal entries help. What will be the credit when someone opens a bank account under the companies name and deposits 1000 dollars of his own money. I know its owners Equity but what account under OE section
The Capital account is credited.
The person opening the bank account for a company should be the owner or opening the account for the owner.
If the company is not a corporation the Credit entry will be to the owners capital account.
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