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    jharg5150's Avatar
    jharg5150 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 17, 2008, 04:59 PM
    How can I journalize these entries?
    I am stumped I need help on these two accounting entries if someone could please help me.

    Aug. 5 Received art equipment transferred to the business from Joan Miller, $6300

    Aug. 14 Purchased a copier (office equipment) from Morgan Equipment for $2100, paying $350 in cash and agreeing to pay the rest in equal payments over the next five months.

    If anyone can help me I would greatly appreciate it!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Dec 5, 2008, 05:31 AM

    Aug 5 Debit Equipment for 6,300
    Credit Owner's Equity for 6,300 (If Joan Miller is owner)

    Aug 14 Debit Equipment for 2,100
    Credit Cash for 350
    Credit Notes Payable for 1750
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