How do I post the following entries:

- A count of supplies indicated that $120 of supplies had been used.

I think that nothing gets recorded but I am not sure.

-the owner purchased a new computer for $6,100 with personal funds. (the computer will be used exclusively for business purposes.)

If someone can help me with these entries it will be very helpful!

Quote:

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Originally Posted by vmop30

- A count of supplies indicated that $120 of supplies had been used.

I think that nothing gets recorded but I am not sure.

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Why do you think nothing gets recorded?

It is saying that $120 supplies are now gone, that they have been consumed by the business.

So,
Dr. Supplies Expense 120
Cr. Supplies 120

Quote:

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Originally Posted by vmop30

-the owner purchased a new computer for $6,100 with personal funds. (the computer will be used exclusively for business purposes.)

If someone can help me with these entries it will be very helpful!

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Dr. Computer 6,100
Cr. Donated Capital 6,100

Since the owner purchased this computer with his OWN money, and not the business’s money, he is now giving the computer to the company.

Thank you again CaptainForest this solves my question and now I understand how the entries work. Thank you for the help.

You're welcome