Ask Experts Questions for FREE Help !
Ask
    beginnerT's Avatar
    beginnerT Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 2, 2012, 12:26 AM
    Journal entry of own money to start business
    Clint contributed 2000 of his own money to start the business will the journal entry be cash(assets) dr: 2000 ? Are their any other accounts affected
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Feb 2, 2012, 12:19 PM
    Debit Cash for 2,000
    Credit Clint, Capital for 2,000 (this is an owners equity account)
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journal entry of sales tax with a service business [ 6 Answers ]

Hi, we have a small engine repair business. On the receipts there is the labor which I know is not taxable. Also there are parts we use to fix the engines that we city tax the customers for. I've been making my journal entries like this: Cash -debit, service revenue - credit, sales (these are the...

No money down for information on free money for felons trying to start a business [ 1 Answers ]

I am trying to start my own cleaning business and I do mnot have a credit card and I do not have any money to spare to pay for sites that ask for money for there services, I would like help with finding assistance in helping me acquire information on grants or loans that will help me, I am a...

If I put 30k to start my business, what is debit & credit a/c in journal entry? [ 1 Answers ]

If I use 30k to start my own business, what's the debit & credit a/c in journal entry?

What is the journal entry for a business items repossessed [ 1 Answers ]

What if the journal entry for a business for equipment, items etc that have been repossessed and you need to show it on the books.

View more questions Search