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    stephan2's Avatar
    stephan2 Posts: 1, Reputation: 1
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    #1

    Feb 15, 2009, 08:20 PM
    General Journal or General Ledger
    I am doing a case problem in Intro. To Accounting. I need to prepare journal enteries for each transaction. I am stuck on one -

    May 1 Following assets were received from Quinn Simmons: Cash 13, 100 AR 3,000 Supplies 1,400 office equipment 12,500 No liabilities received

    So I don't think these would be put in the general journal - wouldn't I just post them to the general ledger?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Feb 16, 2009, 01:57 PM

    I take it that Quinn Simmons is the owner of the company. If so then you debit all your Assets for the amount received and the Credit will be to the Owners' Equity Account for the total amount received.
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